₦airaland Forum

CaptainAyub:
A you a Yoruba moozlem?

what is moozlem... You go school so?

1Alex:
opposite of popular is notorious. Now who is popular and who is notorious among the two of them.

We all know who is who.

😂 you are very funny

Johnnyessence:
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/

Too much Turenchi

Show us the video make we see. Im sure the olodo PO go fumble. Too sure

MEGAWATCH:
I challenge Tinubu to do this outside NIGERIA let's see how it goes.

Clearly you're living under a rock for you to be asking this question

Basher8583:
Too much Turenchi

Show us the video make we see. Im sure the olodo PO go fumble. Too sure

videos will be posted on nairaland

Sangoamadioha1:
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

That is why majority of you don't reason sensibly.

so it is good for Nigeria to be comparing with countries like UK and America that has developed even before Nigeria was fraudulently amalgamated, but not good to compare with countries that they were all underdeveloped but has left Nigeria in the dustbin of history.

Just stay there and being deceived by kleptomaniacs called politicians who promise you America and Europe but can't even replicate what is happening in Kenya, South Africa, Egypt etc here in Africa.

This one wants to be president.

🤣🤣🤣🤣

See him head like watermelon

Basher8583:
Clearly you're living under a rock for you to be asking this question

Stop this back and forth argument and prove me wrong with video.......as simple as ABC.

You can take a camel to the river, na for the camel to drink water be the wahala.

MEGAWATCH:
Stop this back and forth argument and prove me wrong with video.......as simple as ABC.

You can take a camel to the river, na for the camel to drink water be the wahala.

I cant bring you out of your ignorance. You will have to do it yourself by using what is called the internet.

Basher8583:
I cant bring you out of your ignorance. You will have to do it yourself by using what is called the internet.

Hahahaha!

Just small evidence and you are speaking all these grammar!

Tinubu supporters self, no wonder they said for you to be a Tinubu supporter, you must make do with your brains.

I've seen that first hand today.

MEGAWATCH:
Hahahaha!

Just small evidence and you are speaking all these grammar!

Tinubu supporters self, no wonder they said for you to be a Tinubu supporter, you must make do with your brains.

I've seen that first hand today.

For you it might sound like big grammar but for me it's just two simple sentences. You need to get some education

rinzaugustine:
A man with brains, ideas to move Nigeria forward unlike brainless Tinubu with no manifesto

LOL. Tinubu released his manifesto long before Obi. Obi was even saying He didn't need a manifesto till Tinubu dropped his.

SSFeedsNigeria:
Eeya, no wonder you're so miserable

You are a pig