The Minister of Industry Trade and Investment (FMITI) Doris Anite on Wednesday called for a robust empowerment of Micro, Small, and Medium Enterprises (MSMEs) to address food security in Nigeria.
Anite disclosed this at the Bank of Industry (BOI) inaugural lecture themed “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria’ in Abuja.
“MSMEs are the backbone of many economies around the world, particularly in developing nations like ours,” She said, noting that the sector accounts for over 90 per cent of businesses and contributes significantly to employment, income generation, and economic growth.
“MSMEs serve as crucial players in food production and distribution systems. From smallholder farmers to food processors and distributors, MSMEs are deeply embedded in the food value chain.
“By supporting these enterprises, we are investing in food security at the grassroots level, and this has never been more important than now when we could face even more food shortages.
“In the context of food insecurity, and keeping with today’s theme, MSMEs in agriculture hold the potential to revolutionise local food systems. By financing
smallholder farmers, agribusinesses, and local food processors, we can improve agricultural productivity, reduce post-harvest losses, and ensure more efficient distribution of food.
“It is pivotal that we ensure that our MSMEs in agriculture are receiving the necessary finance they require, and I am excited to hear of the initiatives being developed by the Bank of Industry and other development partners today to provide such financing to our farmers.
“Additionally sustainable agricultural practices, driven by MSMEs, can also help mitigate the impact of climate change on food security, I therefore encourage us to
tap into the global green financing available for MSMEs involved in sustainable farming, renewable energy, and water conservation as they can create long-term food
security solutions while protecting our natural resources” Anite said.
The minister reiterated the importance of financial inclusion in unlocking the potential of MSMEs, stating that without access to affordable credit, savings, and
investment opportunities, MSMEs cannot expand, improve technology, or hire more workers.
This financing Anite assured would be invigorated through President Bola Tinubu’s N200bn Presidential Loans and Grant Schemes to revitalise MSMEs and Manufacturers, with much-needed access to finance.
She said, “I am therefore pleased that the BOI per its mandate is providing all the necessary support to MSMEs through access to finance and other intervention programs such as the BOI’s Price Intelligence Platform which is due to be unveiled today and has been designed to address inflation and bring down the price of food items, thereby impacting every Nigerian and helping us shore up our food security.
“Therefore governments, development partners, and the private sector must come together to build a robust financial system in Nigeria that caters to the needs of small businesses and ensures their success, this includes creating microfinance schemes, loan guarantees, and public-private partnerships that can de-risk investments in MSMEs.
“Furthermore, digital financial solutions can revolutionise access to finance for small enterprises, especially in remote areas across the country, Mobile banking, digital
payment platforms and blockchain for transparent supply chains are examples of how technology can be leveraged to provide more inclusive financial services” Anite urged.
She charged stakeholders to work closely on initiatives and policies that encourage MSMEs to partake in ventures that will enhance food security.