Industry experts have called on state governments in the Niger Delta region to embrace the global trend of the Digital Economy and allocate funding to support the growth and sustainability of Micro, Small, and Medium Enterprises (MSMEs).
Speaking at the 4th Niger Delta MSME Summit/Bootcamp in Port Harcourt, Rivers State, Director of Agriculture at the African Development Bank (AfDB), Dr Martins Fregene advised young MSME owners to pursue skills in accessing funding and financial management.
He noted that many banks are hesitant to lend to MSMEs due to uncertainties such as unclear tax records.
“Some banks are willing to lend, but they fear MSMEs may not repay,” he said.
Director general of the BRACED Commission, Amb Joe Keshi criticised the lack of government support for platforms like the Niger Delta MSME Summit, which aim to foster entrepreneurship among young people.
“Sooner or later, the government will not be employing people anymore. It is business that we will depend on,” said Keshi, the event’s Special Guest, coinciding with the 2024 World MSME Day.
MD/CEO of Fibresol Nigeria Limited, Otuya Okecha urged state governments and intervention agencies to create tech hubs to address digital illiteracy among MSME owners.
“Over 60 per cent of the Niger Delta population are young people. State governments must embrace Digital Stack Models to gather data of citizens,” he stated.
CEO of Mosilo Group and Chairman of Heritage Times HT, Moses Siasia lamented the lack of deliberate policies from state governments for MSME development.
“This is a purely private-sector initiative.
We have done this for the past four years and seen significant impacts. Leaders must create an atmosphere that gives young people hope and a voice,” Siasia said.
He commended the Niger Delta Development Commission (NDDC), Bank of Industry (BOI), and Century Group for their consistent support.
According to the Coordinator of the Niger Delta Young Professionals (NDYP), Gerald So-George, the summit organisers, highlighted the initiative’s achievements.
“We have empowered over 2,604 individuals with personal grants, the 2020 COVID-19 Fund, NCDMB loans, and CBN Agric Loan Scheme, benefiting approximately 1,820 businesses and creating about 8,319 direct and indirect jobs,” he noted.
Summy Smart Francis, President of Africa’s Young Entrepreneurs (A.Y.E.), inspired attendees by emphasising the importance of adaptation for growth.
“We are in times of innovation and technology. While you complain that Nigeria is hard, many are making money. Entrepreneurs must work hard to increase the value of the naira,” he said.
The 2024 Niger Delta MSME Summit/Bootcamp, themed “Building a Culture of Entrepreneurship and Self-reliance Beyond Oil,” featured strategic panel sessions on partnerships for agricultural growth and unlocking funding, with over 1,000 participants from across the region.