The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has pledged the Bank’s readiness to increase its development finance interventions to further support start-ups and Small and Medium-scale Enterprises (SMEs) in the country.
Mr Emefiele made the pledge while delivering the 51st Convocation Lecture of the University of Lagos, on Monday, July 5, 2021, noting that increased access to finance for start-ups and SMEs was highly essential for the growth of the nation’s economy.
Speaking on the topic: “National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century,” he challenged tertiary institutions to set up entrepreneurship scheme competitions for students in order to develop their skills in job creation.
Emefiele highlighted the critical role of vibrant and growing SMEs in the growth of the economy and the creation of jobs for Nigerian youth, noting that special consideration needed to be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.
He said the potential potential of SMEs in enhancing economic growth was hampered by limited access to finance, inadequate infrastructure and poor digital penetration, but enjoined the Government and the private sector to provide more support to address the challenges of SMEs in the country.
Specifically, as users of new technology, he urged that policies should incentivise the adoption of innovations that will improve SMEs competitiveness and productivity and also tasked all relevant stakeholders to deepen reforms that will improve human capital development through skills enhancement and proper linkage of research to the SME sector.
Citing examples of other climes that have continued to harness the benefits of the knowledge economy to accelerate economic growth, through the contributions of SMEs, Mr Emefiele charged tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets, in order to reshape the existing curriculum, enhance the learning experience of students and foster innovation amongst the faculty and staff in Nigerian institutions.
The CBN Governor further opined that enhanced collaboration between universities and players in key sectors of the economy such as agriculture, manufacturing and ICT were necessary to enable the implementation of sound ideas generated from the universities. He, however, noted that universities in many developing countries had little or no formal linkages to industry, thereby, resulting in the production of ill-equipped graduates.
Mr Emefiele, therefore, challenged Nigerian tertiary institutions to ensure effective collaboration with industry players in key sectors of the Nigerian economy, in the training of relevant manpower to minimise mismatches between the skills required by firms and the educational qualifications of Nigerian graduates.
Speaking on the role of the CBN in the development of SMEs in Nigeria, the Governor reiterated that the Bank had rolled out massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs.
Congratulating the graduating students, Emefiele urged them to take advantage of some of the Bank’s interventions directly aimed at supporting SMEs such as the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); Youth Entrepreneurship Development Programme (YEDP); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).
In his remarks, the chairman of the event and founder of Citadel Global Community Church(formerly Latter Rain Assembly), Pastor Tunde Bakare, said Nigeria economy of truth needs to be more focused on MSMEs so as to significantly reduce youth unemployment and also achieve economic prosperity.
He however asked the government to provide an enabling environment including a steady electricity supply that would make MSMEs thrive.
In his welcome address earlier, the Vice-Chancellor of UNILAG, Prof Oluuwatoyin Ogundipe said the choice of Emefiele to deliver the convocation lecture was due to his achievements and pedigree in the banking sector as well as policies that touch the lives of an average Nigerian.
He added that UNILAG is passionate about imparting entrepreneurial skills to students and also help them to register workable business ideas with the Corporate Affairs Commission(CAC); give them the start-up funds and also connect them with mentors to able them to grow their businesses
He said the university had been able to attract up to N250 million grants from the Bank of Industry to develop MSMEs among the students of the university.
He said UNILAG would continue to produce graduates that are suitable to contribute to national growth and development.
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