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Central Bank of Nigeria

Mr. Tunde Lemo, Central Bank of Nigeria Deputy Governor, has highlighted the need for focus on the development of Micro, Small and Medium-scale Enterprises (MSMEs) in Nigeria, noting that the sector holds the key  to solving the rising unemployment in the country. Lemo stated that MSMEs are key in generating employment, creating wealth, alleviating poverty, and helping reduce youth restiveness as well as the spate of rural to urban migration. The deputy governor made this disclosure in Abeokuta, Ogun State, during the Egba Economic Summit (EES), which was themed ‘Leveraging MSMEs for Development: Prospects, Challenges and Opportunities.’ Lemo explained that the global economic crisis that occurred a few years ago had enormous impact on the national economies of different countries, and as such small businesses hold the power to true economic transformation. He specifically noted that SMEs are central to structural transformation in Nigeria’s economic policy in order to achieve the goals of Vision 20:2020. Lemo also pointed out that MSMEs have the potential to boost productivity and increase national earnings as well as savings, and improve local technology and innovations.  
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This article was first published on 18th November 2013

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