RE: AMEND INVESTMENT PROMOTION AGENCY LAW INSTEAD OF CREATING BUREAU OF MSME.
In response to ENETSUD wrong advice to the Executive and Legislative arms of Kwara State government to step down the idea of creating a Bureau of MSME.
Amending the KWIPA law will not make it serves the needs of MSME in the state. Activists and social critics needs in-depth knowledge of how the economy works before commenting on such issue. KWIPA essentially setup to initiate promote facilitate coordinate and creating a conducive environment for investment and development in the state the agency is also saddle with the responsibility to source finance for investment from multilateral and bilateral development partners as well as private investment.
The need of MSME is peculiar and it cannot be muddle up with the role of investments promotion which is usually in the realm of promoting conducive environment for large and multinational companies of the private sector.
Majority of MSME are still in the informal sector. Thier need is quite different from support that large companies require. Hence, MSME require special attention and having a dedicated agency to that effect is not out of place.
Even at the federal level we have Nigerian Investments Promotion Commission (NIPC) and it does not stop us from having a separate dedicated agency for MSME, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to coordinate and promote the development of msme sector of Nigerian economy. In fact at the federal level SMEDAN was created in 2003 a year before and NIPC was Established. The needs of development of MSME is to look out for specific solution for the unique categories of business under the sub-sector.
For an economically enlightened mind the difference between the investment promotion and development of MSME sub-sector is very clear we should not allow our overzealousness to criticize the government to becloud our judgement of reasoning. KWIPA cannot replace Bureau of MSME.
Let us not trying to play hero to the ignorants and hinder a process that will lead to further development of our dear state.
Entrepreneur and Development Enthusiast.
DIRECTOR OF MOBILISATION TVMSME HUB