President Bola Tinubu has identified the localisation of production processes and cost reduction as critical factors in addressing hunger in Nigeria.

Tinubu, represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume, said this at the 2024 National MSME Conference, on Thursday in Abuja.

He emphasised that the country’s economic challenges, including food insecurity, stem from a reliance on imported goods and inefficient local production.

“Nigerians experience hunger because we have not fully localised production processes and reduced costs effectively.

“I also realise the importance of innovation and digitalisation to this purpose. There is no justice in creating an economy that is not sustainable for the coming generations.

“Our constitution frowns upon it, I frown upon it, and morality frowns upon it. As a country, we are still suffering the effects of trying to shift from a crude-based economy which has left us debt-ridden.

“Thus, the need to move the production and wealth-generating power of the economy to the people. It is in doing this that we can ensure equal distribution of resources,” he said.

The President, while stating the role of MSME, said they were the engines of rural industrialisation, poverty alleviation, and sustainable development.

He then reiterated the government’s commitment to fostering a sustainable and innovation-driven economy.
Tinubu called for collective efforts to enhance local production capabilities, stating that by reducing production costs, the government could improve access to essential goods and alleviate hunger.

He urged stakeholders to engage in dialogue to identify and implement strategies that could streamline processes and enhance productivity.

Tinubu pointed out the significance of digitalisation and innovation in localising production, emphasising that these elements were essential for creating a resilient economy.

The president said the government was already taking steps to support this vision, including the inauguration of various initiatives aimed at mobilising resources for MSMEs.

He invited both domestic and international investors to explore opportunities within Nigeria’s growing market, assuring them that the government was committed to creating a business-friendly environment.

Also, the Speaker of the House of Representative, Mr Tajudeen Abbas, restated tye commitment of the National Assembly to fostering growth of MSMEs in the country.

Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, restated the importance of digitisation in driving MSME in the country.

“Our government firmly believes that through digital transformation, our MSME sector can reach heights never witnessed by our dear nation.

“Digital transformation can result in increased productivity; technologies can help MSMEs to automate tasks, improve efficiency, and reduce costs.

“I therefore encourage you all to embrace digitisation, embrace technology, and as always, embrace innovation so that together we can continue growing Nigeria to greater heights than ever.

“For us as an administration our commitment to supporting MSMEs is unwavering and resolute. We understand that small businesses are not just the heart of our economy, they are the engines of growth, innovation, and social change,” she said.

Also, the Director-General of SMEDAN, Mr Charles Odii , said the agency’s mission was to reach MSMEs through clusters and urged the need for collaboration.

Odii said the agency identified access to capacity development, high operating cost, limited infrastructure, poor market and regulatory burdens among others as challenges faced by MSMEs.