MSMEs Need More Govt’s Funding Support, Says Adebayo 

Fadekemi Ajakaiye 

A major percentage of the MSMEs in Nigeria are run and operated by women so they need more funding support of the government. 

Otunba Niyi Adebayo, a former Minister of Industry, Trade and Investment, stated this at a dialogue, ‘Connecting 10,000+ Business

Associations To Engage 1 Million Women Who Trade (CWT)’, which was held in Lagos, recently. The former Minister was a panelist.

Adebayo said, “My presence here today, I think, can be very beneficial for me. One of the panelists. I had to talk about the different policies that various Nigerian governments have put in place to assist women in trade. And I’ve listened to some of the other panelists and especially the panel populated by the women. And a lot of complaint is that even though these policies are in place, they don’t seem to be effective. And one of the major issues that they keep raising is the lack of access to affordable funding for women in trade. And I believe that these are issues that are being addressed by the government. I think this initiative will be very helpful, because it brings to government’s attention the support that is needed by women, especially women in trade. 

“You have to remember that a major percentage of the MSMEs in Nigeria are run and operated by women. It is the MSMEs that form the largest employers of labour in this country. “So the more support, more help that these MSMEs get, leads to improvement in the economy of the country. I believe the government has addressed the issue. I mean, you have to remember people in the government themselves are Nigerians, and they are aware of the hardship that everybody is undergoing. 

“They are doing everything possible to ameliorate the hardship. And I’ve heard the government’s spokesmen and people in government say on many occasions that it is a temporary thing. I guess all I can say is that, like every other Nigerian, we hope things will improve and improve quickly.”

Honorable Kim Schofield, Democrat Representative, Georgia’s 63rd District, who joined the meeting virtually, said, “I serve on this small business Urban Affairs for the state of Georgia. I urge you to envision a world where women entrepreneurs are not just participants in global trade, but its architects, where the ideas, businesses and dreams reshape the economy and uplift communities worldwide. Intentional partnership is part of the vision that we see. We’re built on inclusivity and equity. These partnerships unlock unprecedented opportunities, and these alliances are more than just transactions. There is the bridge. They close the bridge and the gap between Africa and all parts of the world. Guess what your partnership may be in the room with you. You’re not here by accident. You’re here by intention. But partnerships are not enough. We talked earlier. You heard about policies. There are policies in place that are designed to uplift you. My charge to those, the leaders in leadership positions in government, is, let’s do better. Let’s do stronger. Let’s build tighter policies that really uplift the women and remove the barriers. We talked a little bit about accessibility. Let’s become intentional about our accessibility to not just policies, but also technology, mentorship and some of the same things that you’re going to hear today, you could walk to this space today, because you add value, and those around you add value too. So I invite you today to not only just sit as a participant, but to explore this way. This is the only step that we can do to advancing and shaping the narratives on Africa and beyond about women and how Africa sees itself, how when women see themselves and how others see the nation you’re telling your story today in this room. So your call to action is to learn one thing that can break the barrier or build a new bridge and transform global trade into a more inclusive and equitable spatial women, that’s your homework assignment. This is your next step. This is your call together to action and together when we get this right and we come and we uplift each other’s skills, gifts, talents and abilities, then we can change and include and welcome and invite everyone else into the space. So don’t leave today without connecting to someone you don’t know, or someone that can advance your dream. This is the time and the moment in the space, and it’s about intentionality. I invite you to join us together as we move to increase the trade of women globally, locally, and beyond. The sky is the limit.”

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem said the meeting was “an incredibly remarkable initiative and just in time initiative. Trying to connect one million trade globally could not have happened at a better time, particularly when you think about the fact that, according to the UN, it’s going to take 300 distant years to close the gender equity gap. 

“And when you think about trade across the globe, it’s a woman that’s actually at the helm of affairs. And when you also think about trade and the fact that there’s 50% women and 50% men globally, those that are the poorest are actually women. 

“So this is very, very required, in my capacity, and working under the leadership of Mr. Governor Babajide Olusola Sanwo-Olu, steam plus agenda of which the aim is about making Lagos State the 21st century economy. I’m really, really happy about this as well. 

“My ministry focuses on driving economic prosperity. It’s also about focusing on trade and strengthening partnerships with the organised private sector, notably MSMEs, startups, women, as obviously we’re alluding to today, and Nanos. “And Nanos are those women at the grassroot level, and they make up the majority of women in trade that we really want to empower, to enable them to scale and support. And so really, this is an important one, and I’m really happy to be part of this movement.

“My message for every woman out there is resilience! Be resilient. It will pass. Be resilient. It will always pass as time moves, when women come together. Great things happen, and I think it’s important that we just continue to really strive. Speak up. The support is there; access to affordable finance. We’re working with you in Lagos State, ensuring that we provide capacity building training in order to enable better export that’s also being provided, and really just let’s all work together and support each other. “There”re a lot of opportunities out there, and when we’re talking about one million women collectively working together to drive and enhance trade, it couldn’t happen at a better time. “Another thing I also want to talk about is that the ease of doing business is something in Lagos, State.”

She said, “This is a very, very laudable initiative. It’s required. The current Minister of Trade for Nigeria is a woman, and obviously, I’m obviously running it from the Lagos State, the economic, financial and commercial capital of Nigeria, standpoint, and also women in trade. “WTO leader is also a Nigerian and most notably a woman. We’re in charge women, let’s make sure we make impact from Lagos State.”