Peter Obi dey handsome here. Oya obidients your boss dey handsome here

The Presidential candidate of the Labour Party in Nigeria’s 2023 election, Mr. Peter Obi, has underscored the importance of Small and Medium Enterprises SMEs to global economic growth.

He also explained why small businesses are the engine of growth across the globe, especially in areas of job creation, innovation, and domestic investment.

Obi’s position was contained in the remarks he made over the weekend at a global conference organized by the Bangladesh Government in conjunction with the Commonwealth Enterprise and Investment Council, in Dhaka, Bangladesh.

The Labour Party standard bearer argued in his address at the international conference that SMEs are emerging as the undisputed engine of rapid economic expansion and growth globally.

Buttressing his position with various data, Obi noted that “World Bank records (2020), show that SMEs account for roughly 90% of businesses and more than 50% of jobs created globally.

While formal SMEs contribute up to 40% of national income (GDP) in developing and emerging markets (DEMs), their impact and contribution are significantly higher when informal ones are included (World Bank, 2020).

According to the former Anambra state Governor, ‘In Bangladesh, SMEs contribute about 40% to GDP, in Nigeria 48% and China 60% with about 7 out of every 10 formal jobs created by SMEs.

“It has the same immense impact in India where SMEs account for over 40% of the total workforce.”

Obi urged the Commonwealth nations to pay very special attention to small businesses, which have proven to be the fulcrum upon which sustainable and inclusive growth and development can be achieved across Commonwealth countries.

He noted that “If we enhance the functionality and impacts of SMEs across Commonwealth countries through formalization and internationalization, we would have done it across the world with lives, communities, and economies positively impacted.

“Endowed with a population of about 2.5 billion people, a home to over a billion young consumers and exports of over $1 trillion, the need for better support for SMEs cannot be over-emphasized.”

He further explained that small businesses, especially in developing and emerging markets, face many challenges arising from a lack of formalization and internationalization.

He revealed that many small businesses are not registered and licensed and lack international affiliations, export less than large companies, and barely exploit the benefits of international trade, which limits the growth opportunities of both the SMEs and the countries.

To harness the full contributions and impacts of SMEs, Obi admonished that reforms such as proper formalization and internationalization are needed to address the identified challenges.

“Formalization involves bringing SMEs into the formal economy through registration of their businesses and complying with legal and regulatory requirements.

“Expectedly, the process of formalization will be beneficial not only to the SMEs but the overall business environment and economic stability as significant segments of SMEs operate in the informal sector due to a lack of resources or awareness of the formalization benefits.”

He noted that this limits their access to credit, markets, and government support which consequently results in reduced investment, innovation, and growth opportunities.

Obi further explained that this is critical especially to Commonwealth nations, as the Commonwealth controls a combined wealth of about $150 trillion, which is over 10 times their combined GDP of about $14.5 trillion today, and over 30 times the global trade and export value of about $4.8 trillion.

Arguing further on these untapped benefits, Obi said that the Commonwealth, despite controlling one-third of the global population, only contributes below 15% of the World GDP of $100 trillion and with a global GDP per capita of $10,700; while that of the Commonwealth is $3500.

“This shows a huge growth potential, which can be enhanced by investment in SMEs where the bulk of the youths are domiciled, especially within the Commonwealth family.”

“SMEs in Commonwealth countries are essential drivers of economic development and poverty reduction. Formalization and internationalization are crucial pathways to unlocking their potential, fostering innovation, and increasing competitiveness.

On the sidelines of the conference Obi in a meeting with the Honourable Prime Minister of Bangladesh, H. E Sheikh Hasina, congratulated her and her team for what they have been able to achieve in their nation, with the support of SMEs in the last 15 years noting, however, that more still needs to be done.

He corroborated with the Managing Director of City Bank in Bangledesh, Mashrur Arefin, that 80% of job creation and a higher percentage of growth in Bangledesh today are created by SMEs.

He said, “This shows an example of what I have said over the years. In 2009 when I visited Bangladesh, their GDP was $102 billion, with a GDP per capita of $688. Today, their GDP is $460 billion and a GDP per capita of $2700. Their unemployment rate in June 2009 was between 9 and 10%, today it is below 5%. The poverty rate also greatly reduced and they have maintained growth of over 6% within the said time.”


https://www.arise.tv/peter-obi-in-bangladesh-smes-key-to-global-economic-growth/

TemplarLandry:
That is where befits him.
Our President is in NY.

😂 you are not serious oooo

Wetin happen to all these connection this man claim he has

They didn't help him during election and in court

Av

TemplarLandry:
That is where befits him.
Our President is in NY.

Av

Nice of him being a good representative of Nigeria

Peter Obi is trying in promoting the flag and the image of Nigeria 🇳🇬 in the international space

He is just doing well

Contact me for your school assignments

Check my signature for my contact details

This is when you know who has the brain, but Nigeria only rewards touts.

Bangladesh

This really befits his status. 3rd class presidential candidate that came 3rd in the elections visiting a 3rd world country to chase clout 😒

Obviously, Indians are very proud of their culture.

Waka waka man.

Johnnyessence:

Good, but there will be too much "Go and Verify" for these people to take home as he begins to dish out statistics

Nice one, President go fit you

sreamsense:

Good, but there will be too much "Go and Verify" for these people to take home as he begins to dish out statistics

toor. You be idan

This dey like MTN, anywhere you go.

Na stand hin stand sef

Obilo

OBTOREPA:
This dey like MTN, anywhere you go.

he’s popular than Tinubu in power

Sangoamadioha1:
This really befits his status. 3rd class presidential candidate that came 3rd in the elections visiting a 3rd world country to chase clout 😒

Nigeria that rotten teeth Tinubu is so desperate to rule to the extent of stealing people's mandate, is first world country bah,? A useless third world country like zoogeria and you have the gut to called Bangladesh a third world country.

Foolish politician.

The only politician in Africa currently that exudes that aura of leadership...




Okwute!

NzogbuNzogbu:
Wetin happen to all these connection this man claim he has

They didn't help him during election and in court

A you a Yoruba moozlem?

jeromestarks:
Foolish politician.

Intelligent pay per post Kamorudeen

Johnnyessence:

Make he kuku ma contest as the president of Bangladesh.. Obi go where he invest anambra money he stole to check how is doing... Under the guise of guest speaker... Hmmm obi deceive ndi oga e deceive no be me.. Yinmu

FlawlessKarl:


Nigeria that rotten teeth Tinubu is so desperate to rule to the extent of stealing people's mandate, is first world country bah,? A useless third world country like the zoogerian and you have the got to called Bangladesh a third world country.

To you Bangladesh na developed country. What is the use of a poor man meeting another poor man? Is it to trade poverty stories. What can Nigeria learn or gain from Bangladesh

Johnnyessence:

Obi is a great man. Unlike the drug lord constituting menace in Nigeria and West Africa.

Ebola is a worthless bastard!