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Over 600,000 MSMEs closed shop in 2021 – NASME

The Nigerian Association of Small and Medium Enterprises (NASME) at the weekend lamented that many micro, small and medium enterprises (MSMEs) are closing shop on…

The Nigerian Association of Small and Medium Enterprises (NASME) at the weekend lamented that many micro, small and medium enterprises (MSMEs) are closing shop on account of the mounting challenges of doing business.

The president and chairman of the Governing Council of NASME, Dr Abdulrashid Yerima, said with over 5.1 million members, the number can grow if the challenges of doing business—like electricity, transportation and logistics, high import duty, foreign exchange, high interest rates, among others—are addressed.

He spoke in Lagos while briefing newsmen at the 25th anniversary lecture and award ceremony of NASME to be held on November 12, 2022, at the Ibom ICON Hotel and Golf Resort, Uyo, Akwa Ibom State, with the theme, ‘MSMEs: Untapped Catalysts for Nigeria’s Socioeconomic Development’.

He was speaking just as the vice president (South West Zone), Solomon Aderoju, said over 600,000 MSMEs shut down in 2021 alone, adding that no MSME could survive with a 15.5 per cent interest rate.

At the event, Yerima disclosed that 84 individuals and organisations that have made remarkable impacts in their various fields of entrepreneurial development would be given awards.

Among the awardees, he said, are the host, Governor Udom Emmanuel, African entrepreneur and founder, Mr. Tony Elumelu and Dangote Foundation, among others.

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