SMEs hold future of Nigerian economy-Osinbajo
The Vice President of Nigeria, Prof. Yemi Osinbajo, SAN, has said the Small and Medium Enterprises (SMEs) hold the future of the Nigerian economy and urged for more private sector partnerships to achieve the Federal Government’s targets in economic development..
Osinbajo spoke yesterday in Lagos when he inaugurated the Sura Shopping Complex’s 1.5megawatts (Mw) Independent Power Plant (IPP) in Lagos. He noted that this administration’s objective is to implement reforms and make interventions that will be visible not merely in the global rankings, but impactful on the lives of business owners and entrepreneurs across the entire country.
“This partnership between the Federal Government of Nigeria, private and social sector partners and most importantly with you, business women and men and your market associations, has enabled us to launch the Energising Economies Initiative (EEI) here in Sura Shopping Complex in record time.
“EEI is a special Federal Government’s project. There are several other markets we are going to, Sabon-Gari in Kano State, Ariaria in Abia State, Balogun in Lagos, NEPA 1&2 market in Ondo State, among others across the country.
“The reason we go to markets is because we believe the small businesses hold the future. The small and medium sized businesses are the future of the Nigerian economy and we must support SMEs.
“So, while we face many challenges, I am greatly encouraged by our progress. Today, we take another step forward in our journey. Sura Shopping Complex now has reliable, affordable power, thanks to private sector and the government working hand-in-hand. As a result, the small businesses in this shopping complex will be more productive. My hope is that we can apply the same formula – innovation, resilience, and partnership – to help Nigeria realise its potential.”
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, said the commissioning of this mini grid at Sura Shopping Complex is a clear demonstration of the Federal Government’s initiative in developing the power sector through renewable energy.
“This is success and progress for Nigerians and the SMEs”, adding that there are millions of Nigerians wanting to go into off-grid power supply.
The Managing Director of Rural Electrification Agency (REA), Mrs. Damilola Ogunbiyi, said: “The EEI aspires to increase energy access and economic growth by assisting private sector developers to provide clean, reliable and affordable power to economic clusters, such as markets, shopping complexes and agricultural/industrial clusters.
“Over the next 4 to 5 years, we want to reach 500,000 small businesses within 350 economic clusters. The role of the Federal Government through the REA is critical to the success of this initiative. This includes providing data like energy audits, programme management support, community relations support and stakeholder management.
“The programme’s support for this project is also being provided by Power Africa through technical assistance support from Deliotte and Mckinsey. We appreciate their support and contributions.”
