Ekweremadu weeps for Nigeria , says poor utilization of SME's bane of Nigeria's development by Ijeoma

www.odogwublog.com reports that the deputy senate President, Senator Ike Ekweremadu has described poor utilization and stifling of Small and Medium Enterprises[SME's] in Nigeria as one of the major factors undermining the nation's quest to attain economic development, stating both the industrial sector and the SME's must be provided with the necessary environmental factors to operate effectively.

The Deputy Senate President dropped this hints in his speech delivered at the opening ceremony of the 28th Enugu International trade fair, which began at the permanent  trade fair complex on Friday,March 31st.

Senator Ekweremadu who was the chairman of the ceremonies that marked the commencement of the ten day event commended the theme of the 28th Enugu International trade fair,'Promoting Nigeria's Industrial Sector and the SME's for Inclusive and robust economy' as cornforming to the realities of the moments and  assured of the commitment of the senate and the entire National assembly in providing the necessary legal frameworks and legislative interventions to support Nigeria's industrial sector and SME's to ginger our economy.

Ekweremadu lamented,'Sadly our SME's potentials are grossly underutilised and under developed. They are stiffled by a wide range of challenges such as access to finance,poor infrastructure,lack of access to market, multiple taxation, inconsistencies in government policies and official corruption'.

'The SME's do not have the political and economic influence to sway government to their favour and are also usually vulnerable to bureaucratic bottlenecks and burdens resulting from erratic government policies. This instability and the constant change in the laws,policies and regulations have made both planning and execution difficult'.

The Deputy Senate President said that according to the World bank's record,Nigeria currently ranks 169 on a table of 190 countries in terms of doing business. He advised that Nigeria must have to reverse the trend and burden inhibiting the SME's from full operation,if we must attain economic development in the near future.

Earlier in his address, the President of Enugu Chamber of Commerce,Mines and Agriculture,Rev. Surveyor Ugo Chime explained that the choice of the theme of the 28th Enugu International trade fair,'Promoting Nigeria's industrial sector and SME's for Inclusive and robust Economy' stems on the fact that both the Public and Private Sector to seriously and meaningfully engage each other with a view of removing the challenges, bureaucratic bottlenecks and over regulations by government agencies. But to support the growth of the small and medium enterprises and the Industrial sector,because they remain the bedrock of productivity and output towards reviving and stabilizing the nation's economy. 


Ekweremadu weeps for Nigeria , says poor utilization of SME's bane of Nigeria's development by Ijeoma Ekweremadu weeps for Nigeria , says poor utilization of SME's bane of Nigeria's development by Ijeoma Reviewed by Odogwu Emeka Odogwu on Monday, April 03, 2017 Rating: 5

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