Ugo Aliogo
The Chief Executive Officer, Centre For The Promotion of Private Enterprise [CPPE], Dr. Muda Yusuf, said there should be policies and legislation compelling large enterprises and foreign companies alike to sub contract aspects of their operations and activities to the indigenous Small and Medium enterprises (SMEs).
Yusuf, who stated this weekend in Abeokuta, the Ogun State Capital during the Annual Workshop OF Labour Writers Association of Nigeria (LAWAN), said the move was necessary to foster linkages and to build inclusiveness in the country’s industrialization process.
He also noted that the systemic issues of infrastructure should be addressed as a matter of utmost priority, adding that immediate focus should be on electricity supply and logistics.
He said unless the economy has these two critical infrastructures in place, it would be very difficult to ensure a competitive SME growth, especially in the real sector.
Yusuf urged the Central Bank of Nigeria (CBN) to fix the foreign exchange liquidity and currency depreciation issues, stating that it is a serious challenge impeding growth of SMEs across sectors especially manufacturing, trade, agricultural value chain, ICT and other service sectors.
CPPE boss further explained that structural issues on infrastructure should be addressed to improve productivity and competitiveness of manufacturing firms, noting that there is need to address concerns about unfair competition from imported finished goods.
He advised government to address regulatory and institutional problems, challenges of access to credit, cost of credit and tenure of funds which are affecting SMEs.
According to him, “We should focus on labour-intensive industries to enhance job creation and promote economic inclusion. Government should ensure that there is adequate investment in core industries such as Iron and steel and petrochemical. We should take full advantage of the large Nigerian market to scale up our industrial capacity utilization.
