By Leonard Okachie
A former federal legislator, Chief Sam Onuigbo, has called for urgent government interventions for the sustainability and long-term survival of micro, small and medium enterprises (MSMEs) in the country.
Onuigbo made the call at the opening ceremony of the College of Management Sciences (COLMAS) Second International Hybrid Conference, held at the Michael Okpara University of Agriculture, Umudike (MOUAU), on Wednesday.
The two-term lawmaker, who represented Ikwuano/Umuahia North/Umuahia South Federal Constituency, Abia, said that such interventions could be a reduction in legal huddles, tax reforms, provision of grants and subsidies.
He said that collaborations and/or partnerships with other organisations, such as universities, non-governmental organisations and World Bank, were also important for MSME sustainability.
The News Agency of Nigeria (NAN). reports that Onuigbo, a Guest Speaker at the event, spoke on: “Innovation and Sustainability of Micro, Small and Medium Enterprises in Emerging Economics”.
He described MSMEs as critical drivers in emerging economies, given their contribution to global market in relation to share of businesses, employment, significant impact on the environment and Gross Domestic Product.
Onuigbo, a member (South East), on the the Governing Board, North East Development Commission, said MSMEs had become the engine room of economic growth in the global economy, especially in emerging markets.
He said that MSMEs were, however, susceptible to the triple challenges of poor working conditions, low productivity and vulnerable to the external business environment.
“Significant proportion of these MSMEs are run by women and young people in the informal economy and, therefore, face additional bottlenecks.
“Of these triple challenges, the vulnerability of MSMEs to external business environment is more pronounced,” he said.
Onuigbo also said that the recent tax reforms by President Bola Tinubu were beneficial to the MSMEs, as his implementation of Nigeria Climate Change Act 2021.
“The new tax regime has eliminated nuisance taxes (petty taxes with low revenues for the government, but high compliance costs for MSMEs),” he said.
In a remark, the Vice-Chancellor, MOUAU, Prof. Maduebibisi Iwe, represented by his Deputy (Academics), Prof. Nneoma Elechi, congratulated the Dean, staff and students of COLMAS for undertaking the laudable initiative.
Iwe said he was pleased that the international conference would provide a robust platform for all stakeholders to share experiences and ideas on emerging trends, challenges and innovators in their respective fields.
He said it would also bridge the gap between theory and practice, while promoting cross-sector collaboration through knowledge sharing hubs, paper presentations and panel discussions.
“I believe that this conference will generate new ideas and strategies for sustainable micro, small and medium enterprises that will foster economic growth and development in the country,” he said.
The highlights of the event included the presentation of an Ambassador Plenipotentiary Award to Onuigbo, in recognition of his “Exemplary Stewardship and Distinguished Leadership in Legislative Excellence, Climate Ombudsman, National Integration and COLMAS Programme Restoration.”
(NAN)
