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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 Wednesday in Aba, the state commercial hub during the Nigeria Business Summit – Regional Tour and commemoration of MSME Day, organized 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 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 realization of these, that his administration placed enterprise development at the center of it’s 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.
The Governor said this will apart from strengthening businesses, will also 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 said 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 organizing the summit because of its believe that SMEs is 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 informed it was as a result of this, the bank picked interest in partnering government in assisting SMEs to drive.
“We in 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 drive 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 was passionate in supporting women-led businesses to grow, stressing they were doing that because 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 government cannot do it alone.
The Head of CAC in Abia, Michael Anusa urged business owners in the state to formalize their businesses by registering with the Corporate Affairs Commission.
Chairman of 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 subsidize the amount CAC charge his members for registration.
