During the commemoration of the 2023 MSME Day in Abuja, Dr. Abdulrashid Yerima, President and Chairman of the Governing Council of the National Association of Small and Medium Enterprises (NASME), announced the upcoming inauguration of a ₦1 billion investment and empowerment fund for youth and women.
The initiative aims to provide crucial support to entrepreneurs in these groups. The fund will be launched as part of the 2023 Youth Empowerment Conference scheduled for August.
Yerima emphasized the vital role played by Micro, Small, and Medium-sized Enterprises (MSMEs) in driving economic growth, reducing poverty, and creating job opportunities.
According to the United Nations, MSMEs account for up to 90 per cent of businesses globally, generating 70 per cent of jobs and making substantial contributions to the global GDP.
These statistics highlight the immense impact that MSMEs have on both local and global economies,’’
He highlighted the challenges faced by MSMEs, including limited access to funding, education, technology, skill development, and market opportunities.
With MSMEs accounting for up to 90 percent of businesses globally, generating 70 percent of jobs and making substantial contributions to the global GDP, Yerima stressed the need to address funding constraints that hinder their growth. He called for increased collaboration among stakeholders to scale up MSME activities and create an enabling environment for their success.
NASME aims to empower and uplift MSMEs, fostering an environment where they can thrive and contribute to Nigeria’s growth and prosperity.
The Nigerian Association of Small & Medium Enterprises (NASME National) was registered in 1996 as a Business Membership Organization (BMO) Not for Profit Organisation.
The Association provides a forum for interaction and adoption of a concerted approach to issues of strategic importance to the development of MSMEs. NASME is the only Nigerian private sector -led BMO affiliated to the World Association of Small & Medium Enterprises (WASME) enjoying consultative status with the United Nations. NASME is equally being assisted through strategic collaborations with UNIDO, UNDP, IFC, Federal Ministries, several embassies and bilateral Chambers of Commerce on its various projects