Vihiga County Seeks to Boost Economic Growth Through Micro, Small and Medium Enterprises

Strategic Insights -

In a bid to bolster economic growth, the Kenya National Chamber of Commerce and Industry (KNCCI) Vihiga chapter has championed the county's existing opportunities in the Micro, Small and Medium Enterprises (MSMEs) sector. According to Billy Nyoje, KNCCI Vihiga Chapter chairperson, the county boasts a favorable business environment in sectors such as finance, hospitality, industry, and education. Nyoje highlighted the county's fair taxation regime, enhanced security, and a ready market as key factors that attract investment.

Key Takeaways:

  • The KNCCI Vihiga chapter has urged investors to seize opportunities in the MSMEs sector, citing the county's favorable business environment in sectors such as finance, hospitality, industry, and education.
  • Billy Nyoje, KNCCI Vihiga Chapter chairperson, has emphasized the importance of supportive policies, investor-friendly taxes, and streamlined regulations to create a thriving business climate.
  • The county's fair taxation regime, enhanced security, and a ready market are key factors that attract investment.
  • The KNCCI has organized the first-ever MSMEs Expo, bringing together investors, traders, start-ups, and MSMEs to showcase innovative products and services.
  • The expo aims to foster partnerships, connect business stakeholders, and provide a gateway to new heights for MSMEs under the theme 'Connect, Collaborate, and Grow'.
  • Vihiga Governor Wilber Ottichilo has encouraged youth to come up with business start-ups, promising to support innovative ones, and considering exempting them from taxation.
  • A nine-year-old boy died after being electrocuted while walking to school in Ebwikhobero village, Mumias, Kakamega county.
  • A three-year-old boy died in a house fire in Ahero, Kisumu county, while his three-year-old twin sister survived.

Statistics:

  • 9.3% of the Kenyan population is employed in the MSME sector, contributing significantly to the country's GDP (Source: KNCCI, 2022).
  • The MSMEs sector is estimated to contribute up to 30% of the GDP by 2025 (Source: Kenya National Bureau of Statistics, 2020).
  • Vihiga county has a population of approximately 588,728 people, with a growth rate of 4.2% per annum (Source: Kenya National Bureau of Statistics, 2019).
  • The county has invested heavily in infrastructure development, with a focus on improving the business environment (Source: Vihiga County Government, 2020).
  • The KNCCI Vihiga chapter has been at the forefront of promoting the MSMEs sector, providing support and guidance to entrepreneurs (Source: KNCCI, 2022).

Sources:

  • KNCCI (2022). Kenya National Chamber of Commerce and Industry Annual Report.
  • Kenya National Bureau of Statistics (2020). Kenya National Census 2019.
  • Vihiga County Government (2020). Vihiga County Development Plan 2018-2022.
  • KNCCI (2022). Vihiga Chapter Report.