President of the Organisation of Women in International Trade, OWIT Nigeria, Mrs Blessing Irabor-Oza, has called for a shift from policies to practice, in a bid to build systems that empower entrepreneurs in the country.
She made the call on the occasion of this year’s World Micro Small and Medium Enterprises, MSMEs Day, celebrated every June 27 to recognize the significant contributions of MSMEs to sustainable development and the global economy.
World MSME Day was established by the United Nations General Assembly to raise awareness of the tremendous contributions of MSMEs to the achievement of the United Nations Sustainable Development Goals (SDGs).
According to the World Bank, MSMEs represent ninety percent of businesses, and seventy five percent of jobs globally.
However, as critical as the sector is in any economy, access to finance has remained a formidable obstacle to businesses in the segment.
The President, Organisation of Women in International Trade, OWIT Nigeria, Mrs Blessing Irabor-Oza noted that the importance of MSMEs cannot be overemphasized.
She observed that many MSMEs, espcially rural and women-led businesses, operate in Silos, lacking access to critical business infrastructure.
She therefore called for systems that would drive the growth and development of these businesses.
According to her, “Rural and women-led businesses must not be left behind; you have to strengthen entrepreneurial ecosystem, establish MSMEs hub with access to finance, as well as having a platform integration”.
Mrs Irabor-Oza commended Edo state government for the recently approved one billion naira interest-free loans for traders, farmers, artisans, and other small businesses in the state.
“This loan has an economic ripple effect. It will fuel local commerce, boost supply and logistics, as well as create a broader economic uplifting”
The theme for this year’s celebration is enhancing the role of Micro-, Small and Medium-sized Enterprises MSMEs, as drivers of Sustainable Growth and Innovation.
Source: Austin Ineh, FRCN, Benin
