By Ohuakanwa Chibuzo
The National Economic Council (NEC) convened yesterday at the Presidential Villa to deliberate on the nation’s economic state, concluding with a commitment to bolster the growth of Micro, Small, and Medium Enterprises (MSMEs). These enterprises, which contribute 49 percent of the nation’s Gross Domestic Product (GDP), are considered the backbone of Nigeria’s economy.
The 141st NEC meeting, presided over by Vice-President Kashim Shettima, featured attendance by leaders from the Institute of Chartered Accountants of Nigeria (ICAN). The ICAN representatives provided insights on the accountability index and the ranking of states in public financial management (PFM).
Vice-President Shettima, in a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), urged council members to evaluate the administration’s progress and adopt strategies to strengthen the economy.
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“As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night,” Shettima emphasized.
Highlighting that MSMEs account for about 96 percent of all businesses in the country and contribute significantly to the GDP, Shettima acknowledged the disruptions caused by recent economic measures and stressed the need for immediate intervention to support these enterprises.
To fulfill President Tinubu’s promise of job creation and poverty eradication, the Vice-President stressed the importance of ensuring access to capital for small businesses. He outlined the administration’s focus on addressing inflationary impacts and high-interest rates to ensure the survival and prosperity of MSMEs.
Shettima also underscored the role of digital technology in the growth of small businesses, highlighting the Investment in Digital and Creative Enterprises (iDICE) initiative as a means to enhance business capabilities and competitiveness on a global scale.
The Vice-President cited a recent positive rating of Nigeria’s economic outlook by Fitch, a global credit rating agency, as evidence of increased confidence in the nation’s economic trajectory. This rating reflects the administration’s commitment to fiscal responsibility and transparency in financial dealings.
Shettima called for all government tiers to adjust their finances and planning based on realistic projections. He also stressed the need for proactive measures to address Nigeria’s vulnerability to flooding, advocating for preparedness to prevent annual cycles of loss and devastation.
“We must not merely prepare for a cure; instead, we must take proactive measures to prevent this annual cycle of loss of lives and properties. While the tragedy itself may be natural, the management of the emergency is within our control,” Shettima concluded.
