In a bid to open up opportunities for Micro, Small and Medium Enterprises, MSMEs and highlight the gains within the African Continental Free Trade Area AfCFTA, the women Center for International Private Enterprise, CIPE launched a survey brief to showcase a roadmap for MSMEs for sustainable policy reforms.
This survey, as disclosed by the organizer is to foster greater standardisation and integration in MSMEs as a way to explore all opportunities embedded within African territories and Nigeria’s economy.
AfCFTA in collaboration with other stakeholders known as Organized Private Sector of Nigeria, OPSN comprised of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, Nigeria Association of Small-Scale Industrialists, NASSI, among others recently held a virtual meeting to launch the survey brief to bridge the gap that exists in the MSMEs and African Trade.
This gap as observed has hindered total participation and gains embedded in the African trade for MSMEs to benefit hence the launch of the survey report.
According to the survey, MSMEs remain critical constituents of the Nigerian economy as they represent about 96 percent of Nigerian businesses and contribute 75 per cent to national employment. It went on to add that MSMEs can benefit from greater access to new markets and the possible economic transformation that competition could promote.
Focusing on four key sectors, wholesale and retail trade, the agricultural and food processing sector, manufacturing and service sectors, CIPE said these sectors were selected given their high business potential and contributions to GDP, employment and exports. Decrying the low level of awareness regarding the existence of the agreement among MSMEs, it said there is a general optimism surrounding the prospective effects of its implementation among the minority aware of the agreement.
Director of education, Governance research, Center for the Study of Economics of Africa (CSEA), Dr Adedeji Adeniran, said modest positive welfare gains to Nigeria with machinery, other transport, textile and metal products as well as textile industries account for most of the positive effects on real wage with the agreement.
As LITFC ED tasks traders on COVID-19 compliance
Executive Director of the Lagos International Trade Fair Complex, LITFC, Management Board, Lucy Ajayi, has urged traders to comply with the COVID-19 protocol even as they continue their day to day businesses.
She made the plea during an inspection exercise at the ongoing local Christmas Fair at LITFC calling on the traders not to jeopardize their health rather they should comply with the specified health precautionary measures and ensure their safety during the yuletide transactions is secured.
Speaking with newsmen during the aborted visit of the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment Nasir Sani-Gwarzo to the LITFC, Ajayi disclosed that the visit has been rescheduled for another day.
Ajayi explained that the trade fair exhibition during Yuletide season is an avenue to bolster commerce for individuals to showcase their goods at affordable prices to showcase for intending customers.
According to Ajayi “We are having our Christmas local fair. “I urge them all to align with COVID-19 protocols including washing of hands with soap and running water, sanitizing, wearing of nose masks and more, to keep at bay the scourge of the virus, health is wealth”, she said.
Vanguard News Nigeria