Osinbajo Assures MSMEs Enterprise Will Last Beyond 2023

The Vice President of Nigeria, Yemi Osinbajo, says the current regime will set up mechanisms to ensure that momentum built in micro, small and medium enterprises since 2015 will continue after its exit in 2023.

Osinbajo made this known when he received members of the ‘Made in Nigeria Project’ led by Mr Adedeji Alebiosu, on a courtesy visit to the Presidential Villa, Abuja on Monday.

“We will make sure that we provide everything that is required to enable the incoming administration step into the positions that we have created in the MSME space. We are in a very good place”.

This is according to a statement signed on Monday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, titled, ‘Why we must maintain the momentum built on MSMES, by Osinbajo.’

Osinbajo noted that the momentum built in the MSMEs sector by the Buhari regime in the last seven years must be maintained given its crucial position in the economy.
“We must be as determined as possible going forward in maintaining the momentum built over the years in the MSME space.

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“How we sustain the MSME Clinics, how it is institutionalized in a way that the incoming Vice Presidents or Presidents are obliged to pay close attention to whatever is happening in the sector, is very important,” he said.

Speaking on the ‘Made in Nigeria Project’ and the need to develop local capacity, the Vice President said, “We must find where we fit in, in that value chain.

“It is true that no economy can be entirely self-sustaining but it is important to emphasize that we have the capacity to do a lot in our country.

“What we need to do is to find our comparative advantage and develop capacity in the value chain around manufacturing of electric vehicles, arms manufacturing etc.”
While noting the presence of a bigger challenge in manufacturing and job and wealth creation, he said the country must think in terms of scale.

“There is a lot of real and serious work that needs to be done. What should our approach be in terms of the value chain? We are a huge economy and a huge market.

“The problem people have always faced is how to engage our massive population in a meaningful way because anything you do seems like a drop in an ocean due to the enormity of the problem,” the VP added.

Earlier in his remarks, Mr Alebiosu had praised Osinbajo’s personal commitment and support to the growth of small businesses in the country.

He acknowledged the contributions of the vice president through key interventions supervised under his office, noting that they positively impacted small businesses in the space.

“Initiatives supervised by your office such as the MSME Clinics, the Survival Fund, and the MSME Awards, among others, have positively impacted many small businesses over the years.

Alebiosu noted, “You have done so much in the MSME space in the country. We have never had it so good, that is why we are here today, to show gratitude for the support the Federal Government has given to MSMEs in Nigeria,”