‘MDAs Frustrating SMEs’ Development in Nigeria’
The Chairman, Phillips Consulting Limited, (PCL), Mr. Foluso Phillips, has stated that Ministries, Departments and Agencies (MDAs) are hindering the growth and development of Small and Medium Enterprises (SMEs) in the country.
He explained that despite the role SMEs play in economic development, the government through MDAs, seems to get in the way of SMEs, saying that SMEs are Nigeria’s opportunity for total economic emancipation.
Phillips stated this at the inauguration of the 19th National president of the Nigerian American Chamber of Commerce (NACC), Dame Adebola Williams in Lagos.
He however charged the NACC to inspire Nigerians to take advantage of the United States of America’s (USA’s) market especially in areas where Nigeria have competitive advantage and global competence.
According to him, there is need to go back to the drawing board for a total change in mindset with respect to trading with the United States, noting that effective trade depends on competitiveness of goods and services offered to the partner country.
“It is not about our government making money from this, it Is for our people to trade their skills and capabilities and be paid handsomely for the global value they offer. Whilst we cannot manufacture competitively, there are SME’s that are excelling in their own area, and individuals that are doing more where their talent come to play. In the case of Nigeria, we are defining our competitiveness in unexpected areas that are glaring but not obvious, ”he said.
Meanwhile, the PCL boss stated that Nigeria alone accounted for 50 per cent of remittances worth $23 billion to sub-Saharan Africa estimated at $45 billion in 2021 stressing that Nigeria continues to dominate remittance inflows into Sub-Saharan Africa given the exceptional size of the Nigerian migrant base (an estimated 800,000 persons) concentrated in two key host countries, the United States (375,000) and the United Kingdom (220,000).
Earlier, the Chairman and Publisher, Guardian Newspapers, Lady Maiden Alex-Ibru, said Nigeria has continued to grow the number of highly successful Nigerian professionals in the United States, across the healthcare, governmental science and technology spheres to mention a few.
She added that as of 2020 alone, over 3800 Nigerian doctors were licensed to practice medicine in America, saying that their remittances contributed to the global remittances to Nigeria exceeding N14.2 billion in 2021 alone.
On her part, the National president (NACC), Dame Adebola Wllliams, said her administration would strive to boost activities and schemes aimed at enabling members of the chamber to package their products for exports to the United States of America.
She tasked the government to continue to expend efforts at revitalising Micro, Small, and Medium Enterprises (MSME) to enable them to recoup their losses as global economies recover from the impact of the coronavirus pandemic.