Wed. Jul 24th, 2024

SMEs: NASS To Develop Legislation To Accelerate Economic Growth

By Justina Auta/Lucy Ogalue

The Deputy Speaker, House of Representatives, Benjamin Kalu, says the 10th National Assembly will develop new legislations and overhaul obsolete ones to accelerate economic growth.

Kalu hinted this at the 2023 West Africa Small and Medium Enterprises (SMEs) exhibition in Abuja on Thursday.

He was represented by Rep. James Barka, the Chairman, House Committee on Commerce.

According to him, the the new legislation would be in line with tthe government’s commitment to grow SMEs, most especially in techs and renewable energy subsectors.

He said: “This is to complement the efforts of President Bola Tinubu in growing out SMEs most especially in techs and renewable energy subsectors.

“These will be through appropriate legislative tools that include developing a new legislation and overhauling the obsolete ones for effective leveraging for the overall economic growth of our nation.”

The lawmaker also stressed the need to support the SMEs in the area of technology development and renewable energy advancement. “This will help to address the endemic energy shortage and improve consistent power supply to rejuvenate the real sector of the economy,” he said.

Ms Olapeju Ibekwe, the Chief Executive Officer, Sterling One Foundation, harped on the roles of SMEs in reducing poverty.

Ibekwe said that her organisation was committed towards improving food security, climate action, health education and mainstreaming of gender equality.

“We see ourselves as a vehicle for positive social impact and we prioritise reduction of poverty.

“The SMEs play a very significant role in the economy of any country when it comes to revenue generation that can help to reduce poverty in families and homes.

“Our foundation prioritise health, food security, gender equality, climate action and education.

” Our role is to provide capacity building for SMEs for young men and women from startup to investment.

“And that capacity building gives them knowledge on how to access market, how to build their businesses, how to become financially sustainable, how to become financially, independent over time,” she said.

Also, Masandje Toure-Litse, ECOWAS Commissioner, Economy Affairs and Agriculture, represented by Dr Enobong Umoessien, stressed the need to develop infrastructure such as energy, roads and human capacity for SMEs to thrive. “Without energy stability, there is no way the SMEs will thrive and harness the potentials we have,” she said.

Mr Temitola Johnson, Senior Special Assistant to the President on Micro Small and Medium Enterprises (MSMEs) and Job Creation, reiterated the commitment of the government in providing an enabling atmosphere and support for SMEs to thrive. (NAN)

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