Group seeks ministry for SMEs

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.


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