The 2nd International Financial Inclusion Conference, organized by the Central Bank of Nigeria in collaboration with the World Bank and various partners, represented a transformative and informative gathering. The conference took place at the Landmark Event Centre in Victoria Island, Lagos, from November 12 to 13, 2024, under the theme “Inclusive Growth: Harnessing Inclusion for Economic Development.” During this event, Rafiu Akinpelu Olaore, Executive Director of the Youths Enterprise Development and Innovation Society (YEDIS), had the honor of participating in a breakout session entitled “Powering Nigeria’s Inclusive Growth through MSMEs” on November 13, 2024. In this session, Mr. Olaore addressed the promotion of micro, small, and medium enterprises (MSMEs) in Nigeria, emphasizing the critical importance of creating meaningful employment opportunities for youth as an avenue for fostering inclusive development.
Mr. Olaore proposed the following recommendations:
It is essential for the government to design and implement a comprehensive economic strategy that encourages collaboration with Civil Society Organizations, particularly grassroots non-governmental organizations dedicated to entrepreneurship education and youth empowerment. Involving such relevant stakeholders will be crucial in enhancing governmental policies aimed at promoting the growth of MSMEs among vulnerable young entrepreneurs. The active engagement of young individuals in business initiatives is vital, as it supports their development as entrepreneurs, enabling them to generate self-employment opportunities while also providing employment for others.
To facilitate this process, the government must ensure that aspiring entrepreneurs have access to affordable financing, a supportive business environment, and viable market opportunities, as these components are fundamental to their success. Moreover, addressing the alarmingly high unemployment rate remains of paramount importance, underscoring the urgency of implementing these initiatives.
