Governor Simnalayi Fubara officially inaugurated the Rivers State Council on Micro, Small, and Medium Enterprises (MSMEs) yesterday, underscoring the critical role of small and medium businesses in driving national development.
During the inauguration ceremony in Port Harcourt, Governor Fubara, represented by Lawson Okuru, Permanent Secretary of the Ministry of Commerce and Industry, highlighted his administration’s commitment to industrializing Rivers State. He emphasized that the government aims to boost job creation, reduce poverty, and diversify the state’s economy beyond its traditional dependence on oil and gas.
“The establishment of this council is a vital step toward enhancing our economic landscape,” Fubara stated, noting that the government has initiated several supportive programs, including the Rivers State Microfinance Agency, Rivers State Employment and Empowerment Program, and a Business Development Program.
The governor charged the newly inaugurated council with addressing the challenges faced by MSMEs and ensuring their longevity and effectiveness. He assured attendees that various reforms have been implemented to simplify the process of starting and running a business in the state.
The governor’s approval for the council’s establishment was accompanied by funding support for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the event.
In his welcome address, Mr. Egbuna Iloba, South-South Zonal Coordinator of SMEDAN, hailed the inauguration as a significant milestone for the subsector. He emphasized the importance of creating a public-private dialogue platform aimed at optimizing benefits for MSME development. “MSMEs are the backbone of economic growth and poverty reduction globally,” Iloba remarked.
He pointed out the existing gap in stakeholder collaboration within the state, which has hindered the coordination and progress of MSMEs. Iloba lauded Governor Fubara for his unwavering support, expressing confidence that Rivers State is poised to become one of Nigeria’s most industrialized states, following Lagos.
In her remarks, Olalekan Rashidat, Rivers State Manager of SMEDAN, noted that similar councils have been inaugurated across several states in Nigeria. She explained that the council aims to foster collaboration with NGOs and development partners like the British Council to drive economic development.Â
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“The MSMEs council is designed to facilitate public-private dialogue and develop MSMEs through various financial interventions, including grants, low-interest loans, and business advisory services,” Rashidat stated. She also highlighted efforts to enhance the technological capabilities of MSMEs, aiming to transform them from tech-underserved to tech-savvy enterprises, particularly in areas such as cybersecurity and digital marketing.
The inauguration marks a significant step towards strengthening the MSME sector in Rivers State, with expectations of fostering an environment conducive to growth and development in the coming years.
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