NASS will develop laws to stimulate economic growth for SMEs

According to Benjamin Kalu, Deputy Speaker of the House of Representatives, the 10th National Assembly would develop new legislation and overhaul existing ones in order to stimulate economic growth.

On Thursday, Kalu hinted at this during the 2023 West Africa Small and Medium Enterprises (SMEs) show in Abuja.

Rep. James Barka, Chairman of the House Committee on Commerce, represented him.

According to him, the proposed legislation would be consistent with the government’s objective of expanding SMEs, particularly in the technology and renewable energy sectors.

“This is to assist President Bola Tinubu’s efforts in developing SMEs, particularly in the technology and renewable energy subsectors,” he stated.

“These will be accomplished through suitable legislative mechanisms, such as the development of new laws and the reform of outmoded legislation for effective leverage for our nation’s overall economic growth.”

The legislator also emphasised the importance of assisting SMEs in the fields of technology development and renewable energy advancement. “This would help address the endemic energy shortage and increase consistent power supply to revitalise the economy’s real sector,” he said.

Ms. Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation, emphasised the importance of SMEs in poverty reduction.

Ibekwe stated that her organisation is dedicated to enhancing food security, climate action, health education, and gender equality.

“We regard ourselves as a vehicle for positive social effect, with a focus on poverty reduction.”

“SMEs play a very important role in any country’s economy in terms of revenue generation, which can help eliminate poverty in families and households.”

“Health, food security, gender equality, climate action, and education are top priorities for our foundation.”

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

“And that capacity building provides them with information on how to access markets, build their enterprises, become financially sustainable, and eventually become financially independent,” she said.

Masandje Toure-Litse, ECOWAS Commissioner for Economic Affairs and Agriculture, represented by Dr. Enobong Umoessien, also emphasised the importance of developing facilities such as energy, roads, and human capacity for SMEs to prosper. “Without energy stability, there is no way for SMEs to prosper and realise their full potential,” she said.

Mr. Temitola Johnson, Senior Special Assistant to the President on Micro, Small, and Medium Enterprises (MSMEs) and Job Creation, reaffirmed the government’s commitment to creating an enabling environment and supporting SMEs.

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