The National Security Adviser Major Gen. Babagana Monguno, and the Governor of Ekiti State, Dr. Kayode Fayemi, have both stated that the security of lives and property in Nigeria is critical to the survival and growth of Micro, Small, and Medium Enterprises (MSMEs), and have urged the government to work together to address the country’s current security challenges.
They called for collaboration and massive investments in the security sector as a government effort to create jobs, attract national and foreign investments, and reap dividends for the country.
Speaking at the start of the National Council on Industry, Trade, and Investment,
Monguno said yesterday in Ado Ekiti that recurring cases of terrorism, kidnappings, herder-farmer clashes, and vandalism are issues that governments must address in order to accelerate the growth of the country’s MSME and industrial sectors.
“Security is critical to the growth of the economy and the development of industry,” he said, adding that the government of President Muhammadu Buhari is working hard to address all of the threats to security.
“Terrorism, vandalism, kidnapping, farmer-herder clashes, and other security threats are stifling investment, and these are issues that must be addressed collectively.”
“The expansion of MSME is critical to the creation of jobs for youth.”
Let me also mention that MSME employs 83.9 percent of the country’s workforce, making it a driver of job creation and an antidote to insecurity.”
According to the NSA, the federal government is also ensuring effective profiling of repentant terrorists and bandits, as well as proper rehabilitation prior to reintegrating them into society.
“We are also collaborating with NAPTIP and NDLEA to combat drug and human trafficking, and this case of ICT fraud is tarnishing the country’s image.”
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“We must stop them at all costs, and MSME is one weapon we can use effectively to achieve this,” he said.
In his contributions, Fayemi stated that he has been working to make the business environment in Ekiti State more friendly and secure, claiming that he has invested significantly in security, making the state a safe and secure location to conduct business.
“Today, we have attracted nearly $100 million in investments into the state, particularly in agriculture, technology, and infrastructure,” he says.
Promasidor Nigeria Limited’s investment in Ikun Dairy Farm, which is now producing 80,000 liters of milk per month after being dormant for nearly four decades; cassava investments by FMS Farms and Promise Point; oil palm investments by Ellah Lakes; rice investments by Stallion Group and JMK Foods; and other investments in snail farms, beef production, and fish farming are among these.
“There is no doubt that the collaboration between our government, the federal government, and the private sector will continue to boost the productivity of MSMEs in our state.”
We also invested in several lending programs to supplement the federal government’s efforts.
“With a commitment to do more next year, our Micro Finance and Enterprise Development Agency has facilitated loans to over 4,000 entrepreneurs in the state.”
We’ve also finished our Civic and Convention Centre, which includes an upscale shopping area, the flagship Oja Oba in Ado-Ekiti, and model markets in all local government areas to improve business trading infrastructure.”
Also, the Minister of Industry, Trade, and Investment, Chief Niyi Adebayo, described MSME as an important pillar in the Buhari-led government’s diversification program, saying it remains the engine room of economic growth, making it critical to strengthening the sector in a globalized economy.
