SMEs have potential to reduce unemployment, enhance economic growth

Dr Aniefiok Umoren, Zonal Coordinator, South-South and South-East, Development Finance Activities, Central Bank of Nigeria (CBN), says Small and Medium Scale Enterprises (SMEs) have the potential to reduce unemployment in the country.

Umoren who disclosed this in a meeting organised in collaboration with the Cross River Government and the Chamber of Commerce in Calabar on Thursday added that the activities of SMEs could also enhance economic growth.

The theme of the event was: “Unlocking the Business Potential of Small and Medium Scale Entrepreneurs (SME’s) in the state.”

He said that the meeting became necessary for entrepreneurs to know the importance CBN placed on presenting them advantageously to ensure they contributed significantly to the nation’s economy.

“We are aware that the micro entrepreneurs in the state have the greatest role of creating employment and adding value to the economy of the state.

“So, CBN is taking the bull by the horn by packaging entrepreneurs so that they can add something robust to the Nigerian economy.

“Everything follows due process because we want to ensure that the right people are getting these funds by preparing their business plan that we will be carefully scrutinise.


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