Internal Economic Policy: A Reliable Tool For Rapid Development – Bodunrin

The Commissioner for Commerce, Industry and Cooperative, Otunba Reim Bodunrin has described an Internal Economic Policy as a reliable tool to make the country and states develop rapidly.

Otunba Bodunrin said this when the representatives of Nigerian Association of Small and Medium Enterprises (NASME) paid him a courtesy visit in his office Ado-Ekiti. The Commissioner emphasized the contributions of internally developed economy without external influence on some advanced countries of the world today. He reiterated the commitment of Governor Kayode Fayemi’s administration to make Ekiti an industrial corridor through public private partnership policy.

Otunba Bodunrin charged the members of N.A.S.M.E to come out with new inventions that would add value to their business and the state’s economy. The Commissioner for Commerce called for attitudinal change among the members in order to produce goods and services that would compete favourably with the international standard.

Earlier, the chairman of the Nigerian Association of small and medium Enterprises, EkitiStatechapter, Mr. Fayemi Famuagun said the Association was formed to coordinate and foster the promotion of micro, small and medium enterprises in the state.

According to him, the formation of NASME was jointly conceived by the promoters of S.M.E.S in the private sectors and agencies of the Federal Government of Nigeria to serve as the apex organization that would coordinate activities of members, interact with Local and foreign organization whose services were alongside with the development of industries in the country.

Mr. Femi Famuagun said Ekiti Chapter of the association has 187 members with their private micro, small and medium Enterprises. He called on the State Government to set machinery in motion that would change the lots of investors in the state.

The chairman assured the state government of their readiness to cooperate with the administration in its vision to change the present status of Ekiti to an industrial state for all-round development.

Mr. Famuagun said despite the state Government’s Effort to assist the SMEs in Ekiti, lack of an organized Business Association like NASME in the state has hindered the government’s effort to yield maximum result in their business support strategy. He pointed to the report that Bank of industry ranked Ekiti State the least among other states in the country that came forward to obtain the loan capital at a reduced interest rates due to lack of an organized Business Association like NASME.

Mr. Famuagun itemized the roles of the organization in the state which include: facilitating delivery of suitable credits to SMEs through members financial institution, coordinating members to adopt a strategic approach to issues bothering on development, identifying appropriate technologies and relevant raw materials that can enhance the efficiency of small and medium enterprises in the State among others. He therefore requested for office accommodation in the state and involvement of MASME members in SMEs policy and any other future economic summit.

Last modified: August 10, 2012