Director, World Bank Mr. Rachid
Benmessaoud said survey
has ranked access to finance,
power, infrastructure, taxes and
corruption as major constraints
to the growth of Micro Small and
Medium Enterprises.
Benmessaoud spoke during
the launch of Business Innovation
and Growth, BIG platform in
partnership with Growth and
Employment Project, GEM, World
Bank Group in Abuja, stating that
the project is aimed at stimulating
job creation.
He said, “The government of
Nigeria has identified security,
job creation and governance
as three key priorities. For job
creation, its focus is on the need
to create two million new jobs
each year, and it aims to do this
through industrialisation, public
works and agricultural expansion,
diversifying the economy away
from reliance on oil revenues.
“GEM project is a major initiative
aimed at stimulating job creation
through the growth of specific
high potential, non- oil sectors,
ICT, construction, entertainment,
light manufacturing including
agro processing, hospitality and
“It will also make resources
available to help address some
key constraints identified by
business, with a particular
emphasis on MSMEs, which are
widely regarded as vital engine
for growth and job creation.
“When focus is more on access to
finance as constraint, the poor quality
of business plan, financial planning
and managerial capacity are often
diagnosed as being significant
factors behind the inability to attract
or unlock finance.”
Country Director said, the
online platform would be the
main channel through which
GEM assistance is made available
to MSMEs, building the capacity
of firms and helping them to
organise, in order to facilitate
better access to finance

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