The National Economic Council (NEC) yesterday deliberated on the state of the nation’s economy.
It resolved to improve the situation, especially by supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).
NEC said by providing 49 percent of the nation’s Gross Domestic Product (GDP), MSMEs remain the backbone of the economy.
The council reached the decision during its 141st meeting at the Presidential Villa, Abuja.
Vice-President Kashim Shettima presided over the meeting attended by Institute Chartered Accountants of Nigeria(ICAN) leaders.
The ICAN chiefs were at the meeting to “shed light on the accountability index and their ranking of states on public financial management (PFM).”
Shettima, according to a statement by Stanley Nkwocha, senior special assistant to the President on Media and Communications (Office of the Vice President), urged the council members to assess the administration’s journey so far and adopt strategies to buoy the economy.
He said: “As we plan for stability, we must remember that the backbone of our economy isn’t solely composed of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.
“Accounting for about 96 percent of all businesses in the country and contributing 49 percent of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry.
‘’We, therefore, cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival.”
