The Ministry of Industry, Trade and Investment says it will launch a digital platform to formalize businesses of local Micro, Small and Medium Enterprises (MSMEs) at its forthcoming Enjoy Nigeria Expo 2021.
Mrs. Olukemi Arodudu, Director, Investment Promotion Department of the ministry, disclosed this on Monday in Abuja at a media engagement forum on the Expo slated from Dec. 6, to Dec. 12.
The expo, a private sector initiative by Welcome to Nigeria Project, with ministry’s support, is designed to promote Nigeria’s creative, entertainment, cultural and tourism industries, due to growing global admiration and demand for Nigerian products.
It aims at boosting local production of goods by promoting and empowering MSMEs in the creative, entertainment, cultural and tourism industries in Nigeria generally, but with special emphasis on women and youth.
Arodudu said that the digital platform would assist the local MSMEs to formalize their businesses, protect and trademark their innovations and standardize their products for local and international exports.
In actualizing this, she noted that it formed a committee consisting of relevant agencies which included Standards Organization of Nigeria, National Agency for Food, Drug Administration and Control and Nigeria Export Promotion Council.
She listed others as the Trademark Registry of the ministry and Corporate Affairs Commission (CAC) among others, adding that it would help in the registration, protection and standardization of MSME businesses.
Speaking further on business formalization, the director said although it might not be able get a total free formalization package from the agencies but it was working towards getting subsidized packages.
“We are awaiting a ministerial approval for subsidized packages for them to register their businesses to standardize, patent and trade mark, though a lot of the costs are statutory; but we need approvals for them to be reduced.
“We have already signed a Memorandum of Understanding with the private sector to avoid exploiting the MSMEs, we are all in agreement to formalize businesses because government is interested in business authentication,’’ she said.
Arodudu noted that the whole idea behind the Expo was to take advantage of our rich cultural heritage and spur economic development.
She said one of the initiatives of the ministry was to bring about diversification of the economy through the MSMEs adding that it focused on reorientation of the Nigerian youth on overdependence on white-collar jobs.
She, however, identified sponsorship as the major challenge facing the expo of which it had sought assistance from state governments, corporations, individuals and other reasonable areas.
The News Agency of Nigeria (NAN) reports that the Inter-Ministerial Planning Committee on Enjoy Nigeria Expo 2021 had earlier visited Minister of Aviation Hadi Sirika and sought for collaboration.
The committee had called for the endorsement and deepened involvement of the Ministry of Aviation, its agencies and stakeholders, especially the Federal Airports Authority of Nigeria and Nigerian Civil Aviation Authority in the project.
Sirika had also pledged support and described the expo as an avenue for economic benefit adding that the ministry would further discuss ways to buy-into the well-articulated project to spur economic activities.
The expo will feature Exhibitions, Business Investment Forum and five components including Taste of Nigeria (food value chain), Sound of Nigeria (music), Colours of Nigeria (fashion), Images of Nigeria (movie, photography, painting and sculpture) and Experience Nigeria (Theatre).
Awards will also be given to notable Nigerians who had made significant milestone in those sectors of the economy and also award on innovative participation during the expo. (NAN)
