The Executive Secretary of the Nigerian Content Development Management Board (NCDMB), Engr. Simbi K. Wabote has asserted that the recovery of the nation’s debilitating economy lies with the Micro, Small and Medium Enterprises (MSMEs).
Wabote who spoke during a summit organized by the Niger Delta Young Professionals (NDYP) at the Aztech Arcum Event Centre in Port Harcourt on Friday, argued that MSMEs constitute the backbone of vibrant economies all over the world and that Nigeria would not be an exception.
He urged entrepreneurs at the Niger Delta MSMEs Summit 2021 which had as its theme: ‘Stimulating MSME’s Growth Beyond Oil’, that those of them who wants to look beyond oil should utilize the lockdown period as a case study to visualize the type of products and services that would be required when oil is no longer the dominant source of energy.
The NCDMB boss who was Guest Speaker at the event declared: “Taking a cursory look at the nation’s Gross Domestic Product (GDP), reports from the National Bureau of Statistics is that the non-oil sector contributions is over 90%, which shows that the non-oil sector has more impact on the nation’s GDP than anything else.
“Interestingly, MSMEs have a very good representation across the various sub-sectors that constitute the non-oil sector. MSMEs represent over 42% of the wholesale/retail sector and about 9% of the manufacturing sector in the Nigerian economy. Thus, the data shows that our service sector is very strong and we need to do more in the manufacturing area.
“Another area that the MSMEs are known to contribute a very significant value addition, is in the export of goods all over the world. MSMEs total value addition to export of countries like Portugal, Australia, Italy, Turkey and the United States were about 65%, 60%, 62%, 60% and 45% respectively”.
According to him, MSMEs contribution to export in Nigeria is just about 8%, adding that MSMEs activities to supply the market within Nigeria is however, potentially very strong.
“With the MSMEs owning 96% of businesses and generating 84% of employment in Nigeria, coupled with the contribution of the 48% in Nigeria’s GDP, the MSMEs remain the backbone of Nigerians economy despite the challenging times that we are faced with”, he submitted.
Engr. Wabote who commended the Niger Delta Young Professionals for putting up the summit, said more of its kind are needed to champion the birth of MSMEs in the Niger Delta region.
He also urged entrepreneurs from the region to take advantage of the several programmes put in place by the federal government aimed at providing the much needed support for MSMEs.
In his remarks at the occasion, the Interim Administrator of the Niger Delta Development Commission (NDDC), Mr. Effiong Akwa urged young entrepreneurs in the region to think beyond oil by harness the agricultural potentials in the region.
In his words: “When it comes to aqua culture, we lead in the Niger Delta. What stops us from harnessing our water resources from Cross River up till Ondo and make it viable? What stops us bringing experts and industrialists to come and look at our water environment, the fish variety that we have in our rivers.
“Within a short space of time, maybe we should be able to outgrow Japan and other countries of the world in fish production. We can achieve so much by harnessing all the positive energies of the Niger Delta, not just oil but our intellectual and socio-economic energies”.
The summit which featured goodwill messages by some young professionals including the CEO of Akara King, Port Harcourt, Mr. Marshall and the Creative Director of Proud Shoes, Aba, Miss Prosper Chidimerem, also had speakers such as Ifie Sekibo, Natasha Akpoti, Suleiman Yusuf, Tony Onuk and Ibifuro Asawo among others.
