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SMEs are backbones to GDP growth, job creation in Nigeria – Pantami

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Minister of Communications and Digital Economy, Isa Ali Ibrahim Pantami

The Minister of Communications and Digital Economy, Isa Ali Ibrahim Pantami, has declared that the Micro-, Small and Medium-sized Enterprises (SMEs) are backbones to Gross Domestic Products (GDP) in Nigeria. 

He disclosed this during a virtual discussion centered on dialogue in other to development Micro-, Small and Medium-sized Enterprises (MSMEs) in Nigeria.

Pantami who commended USAID on e-Trade and Digital Commerce for the dialogue centered on the digital threat which he said is the key part of the administration of President Muhammadu Buhari.

The minister explained that SMEs are the backbones to job creation and Gross Domestic Products (GDP) in the country.

He said: “Statistics show that as at the end of April 2021, around 48 percent of GDP in Niger is from the SMEs. In addition, 80 per cent of our jobs in Nigeria fall under the SMEs.

“So, any sector that dominates GDP on one hand and also that is job creation on the other hands, that sector must be essential to the country.

“It is because of this administration of President Muhammadu Buhari is very personate about providing enabling environment for our SMES to be successful.

“If you look at our national digital economy on strategy for digital Nigeria 2020 2030, you see will clearly how our administration is passionate about the development of the digital economy more particularly by providing SMEs to be successful.”

Speaking on developmental regulation in the ministry, he said: “There are eight pillars in that policy. Four of them are directly related to SMEs. Like pillar number is developmental regulation. We came up with a regulation that would support the development and not anyway will retrieve the development.

“Two is about digital literacy and skill for citizens to partake in SMEs through electronic commerce. Pillar number five is about digital services to provide a digital platform for SMEs to succeed. Number eight indigene solution that would support eCommerce in Nigeria.

“These are four pillars out of eight that form part of our national economic policy on strategy in Nigeria. In other to support our e-commerce in the country, we have introduced a policy where we supported many entrepreneur with free domain names in the country.

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“Two also supported during COVID-19 lockdown where e-commerce was indicted and registered as part of enssencial services.

That made us comfortable even during the COVID-19 lockdown. In addition, we have been working on many policies besides the national digital economy policies that will support our e-commerce.

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Speaking on broadbound penetration in Nigeria, he said that it is increasing by the day, adding that most of villages and cities in the country have been supplied with the broadbanded.

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