The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Sunday Thomas, has highlighted the importance of the Micro Small and Medium Enterprise (MSME) sector to Nigeria’s economy.
Thomas shared this at a programme organised by NAICOM, with the Commissioner for Finance, Rabiu Olowo, serving as a proxy for the Lagos State Governor, Babajide Sanwo-Olu present at the event that was held in Lagos.
“I dare say that the MSMEs sector is too important to be neglected as it is key to the economic development of the nation and thus must be guided and protected against failure. The encouraging responses validate that the products meet a critical need and that the appetite for players in the MSMEs sector to succeed sustainably is high,” Thomas said.
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Olowo, on his part, said that any business owner whose business is able to thrive in Nigeria can do business anywhere and succeed.
He said, “That is why we describe our MSMEs as very resilient. If you can do business in Nigeria and thrive, there is nowhere you cannot thrive.
“We have launched initiatives and strategies and implemented them towards providing an enabling environment for MSMEs not only to thrive but also to succeed. As laudable as these initiatives are, the sustainability of the anticipated gains cannot be fully guaranteed without a safety net against unforeseen circumstances.”
