In celebration of International MSMEs Day held on June 27, Adefisoye Adeshola Joseph, also known as Mr. Diligent, the President of Nigeria Entrepreneurship Youth Initiative (NEYI), emphasized the need for the Nigerian government to establish a dedicated Ministry for Entrepreneurship. The event aligns with SDG Goal 8, which aims to promote inclusive and sustainable economic growth, employment, and decent work for all.
Participating virtually in the 2023 United Nations celebration of International MSMEs Day, Adefisoye Adeshola highlighted the crucial role of Micro-, Small, and Medium-Sized Enterprises (MSMEs) in achieving the 2030 Agenda for Sustainable Development.
In his address, the NEYI President called upon the Nigerian government to review policies that are unfriendly towards MSMEs and SMEs and implement supportive measures for entrepreneurs in the country. NEYI’s platforms have been actively campaigning against cybercrime among youths and students while advocating for digital entrepreneurship. These efforts aim to create legitimate entrepreneurial opportunities by facilitating networking between young entrepreneurs, established business owners, and international organizations across various industries.
Adefisoye stressed the importance of policies that strengthen the capacities and support the development of MSMEs, particularly for women and youth entrepreneurs. By addressing the challenges, removing barriers, and providing a conducive operating environment, these policies contribute to the achievement of several Sustainable Development Goals, including poverty eradication, quality education, gender equality, economic growth, innovation, reduced inequalities, and leaving no one behind, as outlined in the 2030 Agenda for Sustainable Development.
The MSMEs Day also emphasized the significance of supporting resilient supply chains that benefit workers and the environment. Adefisoye emphasized the need for policymakers and businesses to collaborate in ensuring economically viable, socially responsible, and environmentally sustainable supply chains. Grassroots and practicing young entrepreneurs should be included in these efforts.
Drawing from United Nations statistics, Adefisoye highlighted that by 2030, an estimated 600 million jobs will be required to accommodate the growing global workforce, making SME development a top priority for governments worldwide. In emerging markets, SMEs generate the majority of formal employment, accounting for seven out of ten jobs.
Access to finance remains a major constraint for smaller firms, especially in least developed countries (LDCs) like Nigeria. Approximately 41 percent of SMEs in LDCs face challenges in accessing finance, compared to 30 percent in middle-income countries (MICs) and only 15 percent in high-income countries (HICs).
Globally, MSMEs represent 90% of businesses, contribute to 60-70% of employment, and make up 50% of GDP. Recognizing their vital role in local and national economies, as well as in supporting livelihoods, particularly among the working poor, women, youth, and vulnerable groups, entrepreneurs, especially those in innovative and strategic industries such as technology, real estate, agriculture, business consultation, science, and engineering, deserve serious attention.
Adefisoye emphasized that with adequate support, MSMEs have the potential to transform economies, stimulate job creation, and foster equitable economic growth.
Additionally, Adefisoye urged the government to address the issue of high product prices, particularly in the agricultural sector. He expressed his belief that by tackling this challenge, the economy would experience greater stability, especially considering the new government in power. It is crucial to prioritize measures that promote affordability and accessibility of essential goods, as it directly impacts the well-being of the populace and contributes to a robust and sustainable economy.
He underscored the significance of the United Nations’ MSME Day in highlighting their pivotal role and exploring opportunities for further advancement. Adefisoye concluded his speech with his signature tagline, “I am Mr. Diligent, and My Ministry is Entrepreneurship.”
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