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HomeTop NewsEconomic development depends largely on successful SMEs ~President Buhari

Economic development depends largely on successful SMEs ~President Buhari

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President Muhammadu Buhari on Thursday declared that for any economy to grow and create jobs, an equally vibrant and successful small and medium enterprise sector was also needed, adding that it was for this reason that he recently signed the Business Facilitation Bill into law.

President Buhari spoke at State House, Abuja, as he received the Governing Council and members of the Institute of Directors (IoD), led by its President and Chairman, Ije Jidenma.

“I was particularly interested to learn that you not only cater to large corporations but are also aware that for any economy to grow and create jobs, we need an equally vibrant and successful small and medium enterprise sector.

“This administration has, despite the difficult times brought upon us by a variety of external shocks, done much to ensure the survival and development of SMEs.

“It is also my pleasure to share with you that your visit comes just a month after I signed into law the Business Facilitation Bill, which eases various constraints for micro, small, and medium-sized enterprises. I am confident that this act will go some way toward improving our business environment, especially for the MSME’s,” said the President.

President Buhari, while congratulating the Institute on reaching the milestone of 40 years, noted its commitment to nation-building, stressing the values of transparency and good business ethics. He urged all stakeholders to recognize the noble roles that the Institute can play in the provision of a support base for the development of the economy.

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“Let me congratulate the Institute on attaining this very important milestone of 40 years in existence. This is certainly a proud moment not just for the Institute but for the nation as it signifies your commitment towards the objective of improved corporate governance, ethical business practices, improved corporate governance, and transparency.

“These values are not just important pillars in the private sphere. They are also the keys to success in governance in the public sector, where the people have handed us the responsibility to lead, guide, and protect them in trust.

“As our economy and, conversely, our private sector continue to grow and evolve, it behooves all stakeholders to recognize that such a resourceful institution not only exists but is equipped and capable of providing the necessary support and development for the country.”

In her remarks, Jidenma noted that the reforms executed in various sectors of the Nigerian economy in the past eight years have increased expectations for the performance of business leaders and boards of public sector organisations.

This, the President of the Council noted, has made the Institute poised to sustain its leadership role in the orientation and capacity development of these directors so that they can deliver on the mandates given to them.

Jidenma stated that the Institute had gained insights on areas that needed further action towards being “chartered” and, having interfaced with the National Assembly and relevant stakeholders, requested the President’s kind consideration and assent when the bill gets transmitted to him.

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