In a big move, the Nigerian Association of Small and Medium Enterprises (NASME) has announced a N2 billion fund to support Micro, Small, and Medium Enterprises (MSMEs).
- Main Point: NASME has set up a N2 billion fund for MSMEs.
- Purpose: This fund aims to help MSMEs get the best out of the Fourth Industrial Revolution and the African Continental Free Trade Area.
The Nigerian Association of Small and Medium Enterprises (NASME) is a prominent business association in Nigeria, representing the interests of small and medium-sized enterprises (SMEs). Established in the early 1990s, NASME serves as a nexus for SMEs to engage with stakeholders, foster networking opportunities, and advocate for conducive business policies. Over the years, it has been pivotal in promoting entrepreneurship and ensuring that SMEs have a significant voice in Nigeria’s economic landscape.
What The President Says
Dr. Abdulrashid Yerima, the National President of NASME, shared this news in a press talk in Abuja. He pointed out two main things:
- Digital Change: Using new digital tools can make MSMEs work better and adjust to the world’s fast changes.
- MSME 4.0 Program: This plan, with a theme of “MSME 4.0,” wants to make MSMEs more productive, competitive, and strong in this digital time.
How The Money Will Be Used
- For the Youth: NASME plans to use one billion Naira for helping young people.
- For the Women: The other one billion Naira will go to support women in business.
The aim? To help people start new businesses and make more jobs. This will help the country’s money situation grow.
Yerima also said that NASME wants to:
- Show the power of the African trade area.
- Increase business across West Africa.
- Make more jobs and money, cut down poverty, and make West Africa’s economy better.
Support From Other Big Names
Dr. Doris Uzoka-Anite, who looks after Industry, Trade, and Investment in Nigeria, says the government wants to help MSMEs grow.
Dr. Olawale Fasanya from the Small and Medium Enterprises Development Agency (SMEDAN) says:
- Digital tools can help businesses a lot.
- SMEDAN will keep supporting MSMEs.
- Some problems MSMEs face are less money, not enough good tools, hard rules, and not enough skills.
This big money move by NASME is a step forward for Nigeria’s MSMEs. With support from big names and a clear plan, this is good news for business people in the country. The goal is clear: use digital tools to make businesses grow and help the country’s economy