Odeiga Jideonwo, president of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), has called for more attention to Small and Medium Enterprises (SMEs) as the key that drives economic revival and growth of any country.
Jideonwo made the assertion on Friday in an address to mark the official opening of the 36th Enugu International Trade Fair with the theme: ‘Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition.’
The ECCIMA president, who also described the SMEs as the backbone of the industrial sector, therefore, urged government agencies to remove every impediment that would prevent their access to funds in order for them to grow and boost the economy that would increase the country’s Gross Domestic Growth, GDP.
He said that since price of oil has become volatile and has worsened the economic fortunes of the country, there should be more efforts at developing SMEs, pointing out that government should help SMEs to grow.
“The reality of our economic challenges which have been worsened by volatility in the price of our oil, our foreign exchange earner, has made it necessary that we support the SMEs to grow and become the backbone of the industrial sector.
“In so doing, the best strategies that would lead to global recognition of products by the Nigerian SMEs/industries would be adopted. This indeed remains a key step towards Nigeria’s economic advancement and growth,” he said, adding that there is “no other time is the best than now, for both the public and private sector to meaningfully engage each other in removing the bureaucratic bottlenecks, over regulations by government agencies and other issues that hinder access to funds by SMEs and other needed supports.”
The ECCIMA President used the opportunity to call upon the Federal Government to make haste and ensure that Enugu International Trade Fair complex is completed.
“May I once again re-echo our appeal to the Federal Government to earmark and release adequate fund for the development of the Enugu International Trade Fair Complex to a competent contractor,” he appealed.
Governor Peter Mbah, who declared the Fair open said that his administration has been doing everything possible to encourage the growth of SMEs and businesses as a whole to thrive in the state.
Mbah, represented by his deputy, Ifeanyi Ossai, said “On our part, we committed ourselves that we are marketing officers. Anything we shall do to ensure that businesses thrive in the state, we’ll do.”
He said that in the last 20 to 21 months they have invested heavily in security which helps businesses to be protected.
“In the last 20, 21 months, we have invested heavily on security infrastructure and also invested in training our youths on skills needed for industries and emerging industries so that they can fit into skills needed by industries coming into the state.”
Dele Oye, NACCIMA president, also in his speech emphasized the need for government to help support SMEs to grow by providing adequate funds.
Oye, who was represented by Humphrey Ngonadi, of the South East Chamber of Commerce, said that over 80% of small-scale industries lack access to funds, hence the impediment to their growth.
He lamented that in addition to lack of funds, lack and high cost of electricity equally hamper the growth of small-scale industries.
“Power supply remains a critical barrier to SMEs. Addressing power challenges will lower cost of production,” he said.
Meanwhile, it was observed that many exhibitors were yet to erect their stands at the Fair on Friday when the 10-day event kicked off. It will close in April 14, 2025.
