Today June 27th is observed as the International MSME Day
Every year on June 27th, the world celebrates International Micro, Small, and Medium Enterprises (MSME) Day to emphasize the importance of MSMEs and how they play a critical part in being the backbone of the country’s economy.
The 2023 MSMEs Day will focus on building resilient supply chains to benefit both employees and the environment. Supply chains are an essential component of global trade and commerce, and conflicts, disasters, and pandemics can quickly disrupt their operation, raising costs and complicating transactions. As a result, policymakers and business must work together to secure economically viable, socially responsible, and environmentally sustainable supply chains. Themes set for this years observance are “Building a Stronger Future Together” and Galvanizing MSMEs worldwide by supporting women and youth entrepreneurship and resilient supply chains
In 2017, the United Nations proclaimed June 27 as Micro, Small, and Medium-Sized Enterprises (MSME) Day to recognize MSMEs’ critical role in achieving the Sustainable Development Goals (SDGs) and their contribution to the global economy. MSMEs promote creativity and innovation while also providing adequate employment opportunities. The World MSME Day observance strives to draw attention to the significant contributions of MSMEs and recognize their potential as drivers of economic growth, job creation, and poverty reduction. It acts as a venue for raising awareness about the issues that MSMEs face, such as limited access to capital, technology, talent development, and market prospects.
According to the UN, MSMEs account for up to 90% of enterprises, 60% to 70% of jobs globally, and contribute considerably to global GDP. They are the backbone of all societies, contributing to local and national economies and supporting livelihoods, particularly among the working poor, women, young, and vulnerable groups. If adequately supported, MSMEs have the ability to alter countries, create jobs, and promote equitable economic growth. The purpose of the MSME Day event is to emphasize their critical role and to explore chances for further progress.
Over 36.9 million MSMEs exist in Nigeria, accounting for 96.7% of all enterprises. 67% of these enterprises are owned by young people. MSMEs account for more over 45% of the country’s GDP, with 98.8% falling into the micro cadre. They employ over 90% of the workforce in the country. As a result, as MSMEs expand, they create more jobs, resulting in greater prosperity and reduced insecurity across the country.
Marking the day, Dikko Radda, Governor of Katsina State has unveiled the state government’s plan to establish a Ministry for Micro, Small and Medium Scale Enterprises, MSMEs. The MSMEs Ministry that we intend to establish will be under my personal supervision, and I will guarantee that it receives the administrative oversight it requires. according to him, “The template I used in repositioning SMEDAN between 2016 and 2022, when I was the Agency’s Director General, will be adopted for our proposed Ministry,” he said.
In the same vein, the Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government and industry stakeholders to collaborate in empowering and supporting Micro, Small and Medium Enterprises (MSMEs) for a sustainable future. This was announced by ACCI President Dr Al-Mujtaba Abubakar during the commemoration of the 2023 World MSME Day with the subject “Empowering MSMEs for a Sustainable Future” and a sub-theme “Building a Stronger Future Together.”
In recognition of World MSMEs Day 2023, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a collaboration with Casava Insurance to enable voluntary registration and certification of MSMEs under SMEDAN and to provide valuable support services to MSMEs in Nigeria. SMEDAN, in collaboration with Casava, has developed the Business Gro initiative as part of its MSME Mass Registration Program (MMRP) to provide SMEDAN-registered enterprises with excellent value-added services and Government benefits.
In his message to MSMEs in observance of the Day, the Vice President, Kashim Shettima, assured that the Federal Government will facilitate swift accessibility of single-digit loans for small businesses in the country. according to him “On this World MSME Day, President Tinubu’s administration honors the critical role of Micro, Small, and Medium Enterprises (MSMEs) in driving economic growth, creating jobs, and fostering innovation. We remain committed to assisting MSMEs, creating an enabling climate, and expanding access to finance, particularly in these exceptional circumstances. We urge all stakeholders to work together to champion the growth and success of MSMEs in order to achieve sustainable development for all. While we recognize the plethora of issues that MSMEs face as a result of the subsidy removal, the government is working urgently to ensure that Nigerian small businesses have access to single digit loans as soon as possible”.
India has roughly 63 million MSMEs, according to the MSME Ministry’s FY23 annual report. This figure is the second largest in the world, after only China’s projected 140 million micro and small businesses. The MSME sector generates over 30% of India’s GDP and more than 40% of its exports, while also creating 110 million job possibilities. They manufacture a diverse range of value-added products, spanning from traditional to cutting-edge technologies.
In India, “Future-ready MSMEs for India@100” is the theme for World MSME Day for 2023. This year’s theme for the day is “Building a Stronger Future Together,” is also used by the Global Council for the Promotion of International Trade. The #Brand10000MSMEs Network, a dynamic platform where MSMEs from around the world can connect, learn, and grow together is also being launched by the Global Council for the Promotion of International Trade.
