The Nigerian Economic Summit Group (NESG) has decried the low level of market access by Nigeria’s Micro, Small and Medium Enterprises (MSMEs) despite contributing about half of Nigeria’s Gross Domestic Product (GDP).
The NESG made the disclosure at a virtual event ahead of the 30th Nigerian Economic Summit (NES#30), where it highlighted the critical role of MSMEs in the country’s economic landscape.
It also said that there is an urgent need to address these challenges facing the sector and unlock the full potential of MSMEs in driving development, innovation, wealth creation, job generation and poverty reduction, especially given Nigeria’s youthful and entrepreneurial population.
In her opening remarks, Ms. Amaka Nwaokolo, co-Facilitator of the MSME Community of Practice, noted that “Despite Nigeria’s more than 39 million active Nano, Micro, Small and Medium Enterprises (NMSMEs), which employ over 80 per cent of the nation’s labour force, which account for over 95 per cent of businesses, and contribute approximately 46 per cent to the Gross Domestic Product (GDP) the productivity and access to market remained a significant challenge.
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“The persistent issues in the business environment, along with ineffective policy design and implementation, have hampered the growth and competitiveness of MSMEs, as weak macroeconomic fundamentals, high operational costs, and security challenges continue to threaten their survival,” she said.
Dr Charles Odii, Director-General and Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the agency’s efforts to enhance access to market resulted in the offer of single-digit interest loans through partnerships with the Bank of Industry and Sterling Bank, totaling N5 billion for registered MSMEs.
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