In a significant move towards enhancing economic development, Nigeria and Germany have agreed to intensify cooperation to support Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. The announcement was made during a bilateral meeting convened by Nigeria’s Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, in collaboration with the German Ministry of Economic Development in Abuja.
During the meeting, Minister Uzoka-Anite underscored the importance of the partnership, emphasizing key areas such as renewable energy, agriculture, and improved access to finance for MSMEs. She expressed confidence in the partnership’s potential to foster economic transformation, job creation, and poverty alleviation, aligning with President Buhari’s commitment to industrial revitalization.
The newly established Presidential Council on Industrial Revitalization, chaired by Nigeria’s Minister of Finance, highlights the government’s proactive approach to boosting the economy. With a focus on MSMEs, which play a vital role in Nigeria’s GDP, the government aims to achieve a one trillion-dollar economy within a short timeframe.
German Minister Svenja Schulze acknowledged Nigeria’s strategic importance as Africa’s largest economy and emphasized the enduring partnership between the two countries. She recognized Nigeria’s potential as a growing market for German companies and stressed the need to address underlying challenges like security and climate change.
Wale Edun, Nigeria’s Minister of Finance, reiterated the government’s commitment to supporting small businesses. He emphasized discussions on bilateral support for MSMEs, agriculture, energy, particularly solar power, and entrepreneurship skills development, particularly for women-led businesses, during the meeting.
The collaborative efforts between Nigeria and Germany signify a step towards fostering economic growth and creating sustainable opportunities for MSMEs in Nigeria.
Credit: NairaMetrics
