The Minister of State for Industry, Sen. John Owan-Enoh, stated that Micro, Small and Medium Enterprises (MSMEs) represent 96 per cent of businesses in Nigeria.
Owan-Enoh added that MSMEs contribute 48 per cent to the nation’s Gross Domestic Product (GDP) and provide 87 per cent of employment.
He made these remarks on Sunday night in Calabar during a town hall meeting with business operators, organised by the Directorate of Manufacturing and MSME of the All Progressives Congress (APC) Presidential Campaign Council.
He described MSMEs as the backbone of the Nigerian economy, emphasising that their contributions to productivity, employment, and economic growth are vital.
“When you consider that about 96 per cent of businesses in our country are MSMEs, contributing 48 per cent to our GDP and 87 per cent to employment, it highlights their central role.
“MSMEs form the foundation of our economy. Those present here represent the economic strength of Cross River and Nigeria,” he said.
The minister encouraged business operators and manufacturers to take pride in their contributions, emphasising that strengthening the sector is essential for Nigeria’s economic development. He noted that the town hall meeting was the Directorate of Manufacturing and MSME’s first public event ahead of the APC presidential campaign rally in the state. tate.
He commended the Cross River Government, led by Gov. Bassey Otu, for reviving the Micro-Enterprise Development Agency (MEDA), describing it as a significant step in supporting small businesses.
He added that the state government is collaborating with federal agencies, including the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Bank of Industry (BOI), and the Nigerian Export-Import Bank (NEXIM), to strengthen business support systems.
Regarding federal government interventions in the state, Owan-Enoh listed an automotive training centre at the University of Cross River, a Compressed Natural Gas (CNG) conversion workshop, and a 65-kilowatt solar-powered electric vehicle charging station at the University of Calabar. He also said a Memorandum of Understanding (MoU) had been reached with a South Korean team on electric vehicle manufacturing in the state.
According to him, these initiatives are expected to strengthen technical capacity, promote local manufacturing, and create business opportunities in the state.
Owan-Enoh further stated that, as Nigeria’s leading cocoa-producing state, Cross River would benefit from the new Nigerian Industrial Policy, especially its focus on value addition.
He said the policy would provide opportunities for the state to maximise its cocoa resources through local processing and manufacturing, rather than relying only on exporting raw ma “We must ensure that our raw materials are processed locally, creating greater value, more businesses, and increased employment for our people,” he added. (NAN)ded.
