Jonathan Urges Entrepreneurs To Tap Industrial Development Opportunities The Nigerian government has called on entrepreneurs to take advantage of its industrial revolution plan aimed at empowering Micro Small and Medium Enterprises (MSMEs) in order to grow the economy and create jobs. Introducing the Nigeria Industrial Revolution Plan (NIRP) and National Enterprise Development Programme (NEDEP) in Abuja on Tuesday, the Nigerian President, Goodluck Jonathan, said that the programmes would help industrialise Nigeria in line with the government’s plan of becoming one of the top 20 economies in the world by 2020. “A great economy must be placed on a solid industrial sector with well diversified lines and sources of revenue and a vibrant Micro Small and Medium Enterprises’ sector to create jobs and provide linkages. Transforming Nigeria’s Economy “The plans will help to fast-track the attainment of this goal. They are targeted at transforming Nigerian businesses. It will accelerate inclusive growth and stop the drain on our reserve caused by importing what we can produce locally. “NIRP and NEDEP will give fresh impetus for the national transformation agenda by ushering in a new era of value addition enterprise development and industrialisation,” President Jonathan said. He further said that the industrialisation plan would help improve investment planning, reduce borrowing cost, mobilise funds for the real sector, raise product standard and promote greater patronage of made in Nigerian goods. The plan aims to also increase the contribution of the manufacturing sector to GDP from 4 per cent to more than 10 per cent over the next five years. It will resolve the problems of lack of access to finance, market, good business development, technical skill and infrastructure and address the problem of insufficient market information. It will bring about better coordination, synergy, effectiveness and more efficient utilisation of resources to positively transform the Nigerian economy. Empowering MSMEs will help create jobs and reduce unemployment in the nation having an unemployment rate of 23.9 per cent. Access To Finance So many entrepreneurs in Nigeria have had challenges accessing funds for establishment of MSMEs, but the Managing Director of Bank of Industry, Evelyn Oputu, stated that through the bank, the government had provided needed funds to support entrepreneurs to set up businesses. “The president is doing a lot to ensure that there is revolution in industry in Nigeria. “The president has made available to the BOI a portion of the funds and we are looking at youth, women, the vulnerable in the society. Even the handicapped people are getting involved. We are looking at entertainment and we are calling on Nigerians to come and participate. “It is one thing for us to give out money and it is another for Nigerians to take advantage of this,” she explained. The BOI boss further said that the bank was looking at people at the bottom of the pyramid that could start up small businesses and employ other persons. “The first thing is the desire to work. It is not enough to sit down and say you want to do this thing. You have to want to make a change to your life. When you want it, then we will give you the capacity that you need,” Oputu said. She pointed out that not a lot of people had the needed entrepreneurial capacity, emphasising that the Small and Medium Enterprises Development Agency of Nigeria provides the needed training and skills acquisition programmes. After training them, the bank would select those with strong desire and support them to actualise their goals.
Posted on: Tue, 11 Feb 2014 16:49:37 +0000
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