A House of Representatives member, Mansur Soro, has blamed inadequate funding and worsening power challenges for the low productivity of small and medium enterprises (SMEs) in Nigeria.
Soro, who chairs the House Committee on Small and Medium Scale Enterprises, criticized the government's neglect of the sector, particularly the Small and Medium Enterprises Development Agency (SMEDAN).
Speaking in an interview with The PUNCH, he stated that SMEs are crucial to economic development but remain severely underfunded.
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"The SME sector is grossly underfunded by the government. This has been the case over the years," he said, adding that the lack of awareness about SMEs' significance has contributed to poor investment.
He revealed that his committee is working with SMEDAN, the National Orientation Agency, and other stakeholders on a nationwide awareness campaign to push for better support.
On the proposed electricity tariff hike in March, Soro warned of severe consequences for small businesses and called for industrial development centers powered by renewable energy to reduce costs.
He also highlighted SMEDAN's limited budget implementation in 2024, urging stakeholders to push for a more effective funding system for SMEs.
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