The Federal Government has pledged its commitment to providing more support for the Micro, Small and Medium Enterprises sector of the economy, The Punch report.
The Minister of State for Budget and National Planning, Clem Agba, made the pledge on Friday in Abuja when a delegation from Katsina State Micro Small and Medium Enterprises Council, led by the Deputy Governor of the State, Mannir Yakubu, visited him.
He commended the efforts of the Katsina State Government in setting up the MSME council.
He stated that the MSMEs held the key to the development of the economy as the sector employed between 60 per cent and 70 per cent of the working population.
He urged the delegation to continue investment in the area and pledged that the ministry would support the state government, especially in the areas of capacity development and technical assistance.
Agba, according to a statement from the ministry, urged the state government to take advantage of the €500m approved by the Federal Executive Council for the Bank of Industry to support the MSME development in the country.
He called on state governments to place more emphasis on planning rather than just budgeting as currently being practised in most states.
He said that the Economic Recovery and Growth Plan designed to steer the country’s economy from recession had guaranteed 10 quarters of consecutive growth to the economy.
He said, “We had in the past concentrated our efforts on just budgeting, but budgeting must grow from a development plan and that explains the success we have recorded so far in the economy.
“Although this has not met our expectations, it has remained consistent in the last 10 quarters.”
Earlier, the state deputy governor had called on the minister to assist the state with the needed technical assistance in attracting more funds from development partners and other donor agencies for the MSMEs funding.
