Nigeria benefited 20 billion dollars of Foreign Direct Investment (FDI) in the last three years, making it Africa’s top destination for investment.
Mr Olusegun Aganga, Minister of Industry, Trade and Investment, said this at the public presentation of the new national policy on MSMEs in Abuja on Thursday.
“With a growing population of approximately 170 million people and an abundance of natural resources and arable land, Nigeria has also become the perfect hub for investments.
According to him, Nigeria is now the largest economy in Africa with a re-based GDP of $510 billion.
“Over the course of this administration, the Nigerian economy has experienced unprecedented levels of growth,” he said. He said the increasing FDI has led to increasing opportunities for local MSMEs as these businesses were critical components of the value chain for many larger corporate.
“Today marks yet another milestone in re-shaping the MSME sub-sector in Nigeria.
“We are putting in place the necessary mechanisms to support MSMEs and to ensure their continued growth and contribution to Nigeria’s economy,” he said.
Aganga said the World Bank stated that fostering high growth entrepreneurship and innovative activity were paramount in achieving high productivity as a country and in creating jobs.
“It is therefore no coincidence that there has been an increasing global focus on MSME development and on creating the enabling environment for these businesses to thrive.
“The reason for this is simple; not only do MSMEs contribute significantly to the GDP of many countries but they are also economic drivers and job creators.
“We have seen countries such as India and Brazil shift their poverty line through MSME development policy measures,” he said.
Aganga said he was convinced that Nigeria could achieve the same milestones if it continued on the current path and ensured the strategies in the revised policy were implemented.