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From Okey Sampson, Umuahia
Abia State Governor, Dr. Alex Otti, has described Micro, Small, and Medium Enterprises (MSMEs) as the backbone that propels any strong economy in the world.
Governor Otti stated this yesterday in Aba, the state commercial hub, during the Nigeria Business Summit – Regional Tour and commemoration of MSME Day, organised by the state government, in collaboration with the Stanbic IBTC Bank.
Represented by the Commissioner for Industry and SMEs, Michael Akpara, Dr. Otti said MSMEs make the economy round the world strong through creation of jobs, stimulation of innovations, reduction of poverty, expansion of local production, and strengthening economic resilience.
Otti said it was in realisation of these that his administration placed enterprise development at the centre of its economic transformation agenda.
“For the first time, Abia is developing a comprehensive MSME policy that will provide a clear institutional and legal framework for enterprise development across the state.
“The policy will establish strategic priorities for business formation, access to finance, entrepreneurship development, innovation, digital transformation, market access, skills development, infrastructure support, regulatory reforms, public-private partnerships, women and youth enterprise development”.
Otti noted that one of the greatest challenges facing enterprise development is the absence of reliable and credible business data.
He, however, announced that to address the challenge, his administration was developing the second comprehensive MSME Directory in the state.
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The governor said this will, apart from strengthening businesses, enable development partners, financial institutions, investors and buyers to identify credible businesses operating in the state.
Otti disclosed that from September 22 to 26, the state government would hold the National Brands Development and Made-in-Nigeria Project (Abia Expo 2026) in Umuahia, the state capital. He added that the Abia Expo was designed to showcase the ingenuity, creativity, productivity, and competitiveness of Nigerian businesses, with special emphasis on products from Abia State.
The Head, Enterprise Banking, Stanbic IBTC Bank, Jumoke Bello, said the bank was partnering the state government in organising the summit because of its belief that SMEs are the engine room of Nigeria’s economy.
Bello, while commending the state government for putting infrastructures in place to enable businesses to grow in the state, said it was as a result of this that the bank picked interest in partnering government in assisting SMEs to drive.
“We, at Stanbic IBTC Bank, believe that SMEs are the engine room that drive the nation’s economic growth. They contribute to the country’s GDP in no small way. We equally observed that the state government, through the Ministry of Industry and SMEs, is doing a lot to allow businesses to thrive in the state. The efforts deserve recognition and that’s why Stanbic IBTC Bank is partnering with the state to help the growth of SMEs”.
She said the bank is passionate in supporting women-led businesses to grow, stressing they are doing that because the government cannot do it alone.
“Stanbic IBTC Bank is equally passionate in supporting women-led businesses to grow, and we do this because we know the government cannot do it alone”.
The Head of CAC in Abia, Michael Anusa, urged business owners in the state to formalise their businesses by registering with the Corporate Affairs Commission.
Chairman, Nigerian Association of Small and Medium Enterprise (NASME), Abia State, Livinus Eze, called on banks to give his members loans on single digit basis. He equally called on Stanbic IBTC Bank to subsidise the amount CAC charged its members for registration.
