The Association of Micro Entrepreneurs of Nigeria (AMEN) President, Prince Saviour Iche, has urged the Federal Government to establish a Ministry for Small Business and Entrepreneurship as part of its commitment to place the economy and job creation at the centre stage.
Iche, who spoke at the weekend, noted that the much-needed economic growth and employment opportunities will come from policy that enables small businesses to thrive and grow into profitable enterprises.
He noted that only a special ministry dedicated to small businesses, such as the Ministry of Micro, Small & Medium Enterprises (M/o MSME) India can address different needs of the sector.
As a ministry, he said it would provide the need for enhanced support to small businesses and through it unlock economic opportunities and achieve sustainable employment.
Iche lamented that Nigeria’s small businesses were facing operating challenges with rising interest and electricity rates compounding operating cost.
He explained that small businesses face a challenging future as a result of inflation growth, naira depreciation, looming business rate increases, and wider economic instability.
According to him, a lot of small businesses are struggling to access credit, adding that the success and profitability of their businesses depends on how they are able to access funds to keep their operations afloat and get into new markets.