The Nigeria Social Insurance Trust Fund (NSITF) and Bureau of Public Procurement (BPP) have announced a series of strategic initiatives to foster the growth and development of Small and Medium Enterprises (SMEs) across Nigeria.
This partnership was made known during a courtesy visit by NSITF’s Managing Director Oluwaseun Faleye to BPP’s new Director General Adebowale Adedokun in Abuja Tuesday.
The meeting underscored the commitment of both organizations to stimulate SMEs’ participation in open competitive bidding for contracts.
Thereby, promoting transparency and inclusivity in public procurement processes.
Speaking, Adedokun said that NSITF had a crucial role to play in the vision of BPP to democratise access to public procurement opportunities for small businesses.
He also emphasised the importance of adjusting procurement policies to be more accommodating to SMEs.
He cited successful models being operated in Kenya, Tanzania, and Rwanda that supported participation from diverse business owners including women and persons with disabilities.
He said the NSITF was a pivotal organisation that could champion the adoption of open competitive bidding among stakeholders.
According to him, promoting fair competition, small business owners can be empowered to participate, thereby increasing revenue and fostering trust among Nigerians in the system.
“Are there ways to do it through our processes? Are there waivers? These are the things I want to put on the table.
“We are going to work on this together; I am going to come up with policies that will drive small and medium scale businesses because it is cumbersome for them to participate with all the guidelines.
“It is happening in Kenya, Tanzania , Rwanda where they streamline the requirements for categories of people – disabled, women and so on, to enable them participate with little or minimal mandatory requirements.
“Also, if we want to grow this economy , we have to go that way; we cannot ask small business owners to do the same thing as big contractors and multi nationals. We need to streamline the requirements, “ he said.
In his remarks, Faleye highlighted the proactive measures already taken by NSITF to engage with stakeholders in the informal sector and enhance their participation in the economy.
He also noted ongoing efforts to tailor compliance requirements for small businesses and extend social security nets across Nigeria.
“We are committed to implementing open competitive bidding by 2025 and are adjusting our processes to ensure SMEs can compete effectively for contracts.
“We recognise the importance of the informal sector in the sustainability of the Employees’ Compensation Scheme .
“The sector holds the key for enhanced contributions, besides giving us more opportunities to extend our social security nets across Nigeria.
“ Within our processes, we are reflecting on how best to reach out and accommodate them the more, “ he said.
Both organisations also agreed on a joint media campaign to educate Nigerians on the benefits of the Employees’ Compensation Scheme and the transparency procurement initiative of the BPP.
The organisations also pledged to support each other in areas such as Information and Communication Technology security and manpower training.
According to them, this partnership marks a significant step toward creating a more inclusive and transparent procurement environment in Nigeria, enabling SMEs to contribute more significantly to national economic growth.
