NYPF decries economic hardship, implores govt to prioritize MSME growth over frivolous expenditures

By Abubakar Yunusa

President of the Nigerian Young Professionals’ Forum (NYPF), David Osadolor, has called on government at all levels to create a tailored and conscious financial support towards Micro, Small, and Medium Enterprises (MSMEs), stating that this will cushion the high inflation and pervasive poverty.

Osadolor noted this while delivering a virtual goodwill message from Germany on Thursday at the 4th Niger Delta MSME Summit/Bootcamp in Port Harcourt, Rivers State.

According to Osadolor, amidst the economic realities facing the nation as a whole, there is a need for government to equally embrace the global growing trend of digital economy adding that this will boast small-scale business making it more viable.

He emphasized that prioritizing the growth of MSMEs is essential for national prosperity noting that nations thrive when they invest in their MSMEs.

He called upon the government at all levels to take decisive action by reducing the cost of governance and halting plans for frivolous expenditures, such as the acquisition of another presidential aircraft, stressing that these resources should instead be channeled into supporting MSMEs.

Osadolor explained that investing in MSMEs is not merely an economic strategy, it is a pathway to lifting millions out of poverty.

While reiterating that the focus must shift towards creating an enabling environment for these enterprises to flourish, Osadolor explained that, through this a groundwork for a diversified economy that does not rely solely on oil will be created.

He added that as the major producers of oil, the Niger Delta must lead by example in this diversification process, envisioning a future where prosperity is sustained by a vibrant, innovative, and resilient MSME sector.

Furthermore, he urged the government to create an enabling environment by implementing policies that ease the regulatory burden on MSMEs and provide incentives for their growth.

Also, he highlighted on the need for investing in infrastructure that supports MSME operations, such as improved transportation networks and access to technology.

On Finance, he urged the government to facilitate easier access to credit and funding for MSMEs through financial institutions and government grants.

‘‘The government can equally assist young entrepreneurs by providing education and training programs to equip them with the skills needed to succeed in their ventures, and for fostering innovation by supporting innovation hubs and incubators that nurture new business ideas and technologies’’ he said.

Additionally, Mr. Osadolor commended Mr. Moses Siloko Siasia for his unwavering commitment to empowering young people and fostering entrepreneurship and innovation, adding that Mr. Siasia’s dedication serves as an inspiration to all and is vital in shaping a brighter future for young professionals.

‘‘Your foresight in recognizing the transformative power of MSMEs mirrors the successful strategies employed by nations like China and Singapore, which have significantly boosted their per capita income through dedicated investment in their small and medium enterprises.

‘‘ I am inspired by Franklin D. Roosevelt: “We cannot always build the future for our youth, but we can build our youth for the future.” Our goal is to ensure that the youths and young professionals of today are ready for the future,’’ he said.