What Gov. Okowa Must Do To Support MSMEs. By Onwordi Ngozi Fortune.



In commemoration of world Micro-, Small And Medium Enterprises Day 2019, it is important for government (both State and Federal) to mobilize political will and resources to address the numerous challenges confronting small-scale businesses.
Small-scale enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide and play a key role in developing countries.

According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.

News published by the UN suggest that MSME Day 2019 is not only dedicated to raising awareness of the need for greater investment into small and mid-sized businesses in developing countries. It is also a celebration of the gigantic contribution, away from the spotlight, smaller companies make to the global economy.

Smaller businesses can be agile in response to a changing world but their size also makes them vulnerable. Access to finance is a primary obstacle. Identifying international market opportunities and navigating trade-related procedures can be harder for small businesses than for their larger competitors.

With the goal of overcoming these challenges, the International Trade Center, United Nations’ entity, works in the internationalization of micro and SMEs. It is precisely this center of the UN that launches on this day its flagship report: "The SME Competitiveness Outlook 2019: Big money for small businesses."

In Delta State, the strategic wealth creation captured in the SMART AGENDA of His Excellency, Sen. Dr. Ifeanyi Okowa has improve job creation by raising entrepreneurs.
The establishment of Delta Micro, Small & Medium Enterprises Development Agency & Job Creation Office has improved the activities of MSMEs in the oil rich State.
From stats, Nominal GDP of the state declined between 2013 and 2014 by -12.76%, between 2014 and 2015 by -12.02 and between 2015 and 2016 by -2.24% and it picked up between 2016 and 2017 with a 40.15% growth.

The obvious impact of Governor Okowa's Strategic Job Creation initiatives are evident in the rapid economic growth in the report.

However, more needs to be done to increase access to funds by small scale business owners while creating an enabling environment for them to thrive.
To achieve these, government should collaborate with the Bank of Industry (BOI) to provide short and long term loan to small a all business Owners.
Also, the epileptic power supply, worsened by outrageous tariffs by electricity companies has ensured that more than 100 businesses are closed down daily.

Provision of funds and improved power supply will go a long way in ensuring that the economic growth report for 2018 & 2019 will better the 2017 margin.

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