The Nigerian Young Professionals Forum (NYPF) has urged the Federal Government to prioritise the growth of Micro, Small and Medium Enterprises (MSMEs) to address the critical economic challenges facing the country.
NYPF President, Mr David Osadolor, gave the advice in a communique outlining the resolutions taken at the end of the 4th MSME Summit in Port Harcourt, Rivers.
According to Osadolor, there is an urgent need for the government to create tailored and conscious support towards MSME to cushion the high inflation and pervasive poverty.
“Investing in MSMEs is not merely an economic strategy; it is a pathway to lifting millions out of poverty.’’
Osadolor emphasised that prioritising the growth of MSMEs was essential for national prosperity, as countries thrived when they invested in their MSMEs.
He called on government at all levels to take decisive action by reducing the cost of governance and halt plans for frivolous expenditures and channel those resources into supporting MSMEs.
Osadolor explained that the groundwork for a diversified economy that did not rely solely on oil could be created from MSME and reiterated that the focus must shift towards creating an enabling environment for these enterprises to flourish.
He added that as the major producers of oil, the Niger-Delta must lead by example in the diversification process, envisioning a future where prosperity was sustained by a vibrant, innovative and resilient MSME sector.
The NYPF president urged the government to create an enabling environment by implementing policies that would ease the regulatory burden on MSMEs and provide incentives for their growth.
He also highlighted the need to invest in infrastructure that supported MSME operations, such as improved transportation networks and access to technology.
On Finance, he urged the government to facilitate easier access to credit and funding for MSMEs through financial institutions and government grants.
‘‘The government can equally assist young entrepreneurs by providing education and training programmes to equip them with the skills needed to succeed in their ventures.
“Government can also support MSMEs to foster innovation by supporting innovation hubs and incubators that nurture new business ideas and technologies.’’
Osadolor commended Mr Moses Siasia, Chairman, Heritage Times, for his unwavering commitment to empowering young people and fostering entrepreneurship and innovation.
“Siasia’s dedication serves as an inspiration to all and it is vital in shaping a brighter future for young professionals.
‘‘His foresight in recognising the transformative power of MSMEs mirrors the successful strategies employed by nations like China and Singapore, which have significantly boosted their per capita income through dedicated investment in their SMEs.
‘‘I am inspired by Franklin Roosevelt words who said ‘we cannot always build the future for our youth, but we can build our youth for the future,’” he said.
According to him, the goal is to ensure that the youths and young professionals of today are ready for the future. (NAN)
