Germany and Nigeria Collaborate to Boost Micro, Small, and Medium Enterprises (MSMEs) in Nigeria

Germany and Nigeria Collaborate to Boost Micro, Small, and Medium Enterprises (MSMEs) in Nigeria

The Nigerian and German governments have agreed to deepen cooperation to strengthen Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. This partnership was announced by Dr. Doris Uzoka-Anite, Nigeria’s Minister of Industry, Trade, and Investment, during a bilateral meeting held in Abuja, in collaboration with the German Ministry of Economic Development.

Dr. Uzoka-Anite emphasized the importance of this collaboration, highlighting areas such as renewable energy, agriculture, and access to finance for MSMEs. She underscored President Muhammadu Buhari’s commitment to economic transformation, job creation, poverty alleviation, and industrialization, noting the establishment of the Presidential Council on Industrial Revitalization to drive these objectives.

The Minister highlighted the pivotal role of MSMEs in Nigeria’s economy, constituting about 45% of the Gross Domestic Product (GDP). She expressed optimism about achieving significant GDP growth, aiming for a one trillion economy with a growth rate of almost seven percent within four to five years.

In response, German Minister Ms. Svenja Schulze acknowledged Nigeria as a longstanding partner since 1959. She noted Nigeria’s economic potential but also recognized challenges such as security issues, climate change, and population growth. Schulze emphasized the importance of cooperation to address underlying causes of conflicts, including job creation, energy, food security, and women’s rights.

Furthermore, Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, reiterated the government’s commitment to promoting small businesses. He highlighted the bilateral meeting’s focus on MSMEs, agriculture, energy (particularly solar power), and entrepreneurship skills development, particularly for small-scale and women-led businesses.

Overall, the partnership between Nigeria and Germany aims to leverage each other’s strengths to foster economic growth, job creation, and industrial development in Nigeria, with a particular emphasis on supporting MSMEs and addressing key challenges facing the country.

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