Leveraging SMEs to Fight Unemployment—-Economist

NNN: An economist, Dr. Muda Yusuf, has advised the federal government to take advantage of the economic opportunities offered by small and medium-sized enterprises (SMEs) to fight unemployment in the country.

Yusuf, who is the Managing Director of the Center for the Promotion of Private Enterprise (CPPE), gave advice during a workshop organized by the Nigeria Labor Writers Association on Sunday in Abeokuta, Ogun.

breaking news in nigeria today 2022 punch

The outgoing Chief Executive of the Lagos Chamber of Commerce and Industry spoke on “The Role of SMEs in Tackling Unemployment in Nigeria”.

breaking news in nigeria today 2022 punch

According to him, the subject is relevant and underlines the crucial role of small and medium enterprises in the country’s quest for job creation.

“MSMEs are the pillars and the common thread of the Nigerian economy; these are the main sources of the resilience the economy has shown since the shocks of the COVID-19 pandemic.

“According to the National Bureau of Statistics, the unemployment rate in Nigeria in 2018 was 33.3%; underemployment was 22.8 percent; youth unemployment was 42.5% and youth underemployment 21%.

“Micro, Small and Medium Enterprises (MSMEs) are powerful tools in tackling unemployment in Nigeria,” he said.

Yusuf, who described the statistics as “very worrying”, said there was a need for job creation, given the country’s population of more than 200 million, more than 60% of whom are children. youth.

”There is a correlation between unemployment and poverty; unemployment and crime rates; unemployment and precariousness.

“Some of the detrimental social consequences of unemployment are already manifesting in our various communities,” Yusuf said.

He said the role of MSMEs in the development of any country’s economy cannot be overstated.

He said: ”They promote competitiveness and entrepreneurship across sectors and across the economy as they improve efficiency, innovation and overall productivity growth.

”They contribute much more to job creation than large companies; they are much more labor intensive and contribute enormously to poverty reduction.

“MSMEs promote entrepreneurial development and accelerate the use of local legal documents, thus deepening upstream integration.

”They are essential for mobilizing and using small savings for investments. Some of these funds tend to exist outside the banking system. Such initiatives stimulate job creation.

NewsSourceCredit: NAN

old bet9ja mobile login