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NITDA, SMEDAN Sign MOU for Economic Diversification
In a bid to implement the agenda of the present administration of President Bola Ahmed Tinubu GCFR of Reforming the Economy for Sustained Inclusive Growth by accelerating diversification of the nation’s economy, a Memorandum of Understanding highlighting the pivotal role of Small and Medium Enterprises (SMEs) has been signed by the National Information Technology Development Agency (NITDA) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Recognising SMEs as the backbone of the nation’s economic landscape, the MOU was signed with a primary focus on the growth of SMEs and tackling startup challenges while implementing the Nigeria Startup Act.
The MOU was signed by the two organisations, Friday at the corporate headquarters of the SMEDAN agency in Idu, Abuja.
The objective of the MOU is to establish a strategic partnership between NITDA and SMEDAN and to ensure that issues relating to Micro, Small and Medium Enterprises (MSMEs) are addressed in implementing the Startup Act.
Speaking at the ceremony, the NITDA Director General, Kashifu Inuwa CCIE emphasised the critical importance of SMEs and cited their contribution to Nigeria’s economy, where they represent over 90% of businesses.
Underscoring the need for technological innovation to enhance productivity in the sector, Inuwa stated that “when you talk about critical sectors, SMEs are the first and if we want to create prosperity for our country, we should start by digitising SMEs”.
He further emphasised the necessity of creating a comprehensive database of SMEs to facilitate targeted incentives and foster digital literacy among entrepreneurs.
Inuwa highlighted the transformative potential of technology in expanding market reach and enhancing the productivity of entrepreneurs’ businesses while pointing to successful cases where ICT training programmes organised by NITDA for women have helped them leverage social media platforms, thereby significantly boosting their market presence and efficiency.
“As SMEs, you can use technology to expand your market reach and at NITDA, we have trained women on ICT and they have been able to expand their market reach and productivity using social media platforms. If we can do this, it will change the SMEs landscape in Nigeria”, he added.
The transformative power of technology within Nigeria was proudly exemplified by Inuwa, where he narrated how several SMEs have blossomed from nothing to become billion-dollar organisations.
“In Africa, we have 7 Unicorns and out of them, 5 originated from Nigeria. So, we believe that with technology, we can help all the SMEs to scale up, increase their productivity and create sustainable prosperity for our country”, he asserted.
In his remark, Charles Odii, the SMEDAN Director General, stated that the essence of the MOU agreement is to collaborate with NITDA in fulfilling the mandate of the President’s agenda in creating jobs and digitising Nigeria’s economy.
While stating that any business that does not take advantage of digital innovation and services is short-changing itself, Odii noted that if the 40 million small businesses in the country equip themselves with digital processes whereby each small business employs at least 5 people, it will have a significant impact on Nigeria’s economy.
“What we are doing here in addition to sensitising the public on the implementation of the Startup Act is to organise our small businesses where they can use innovative solutions to solve their problems”, he averred.
The signing of the MOU signified a crucial step towards harnessing the power of technology to revolutionise Nigeria’s SME landscape, thereby paving the way for sustainable growth and prosperity.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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