MSMEs contribute over 50% of Nigeria’s GDP, 80% employment ― FG
The Federal Government has reaffirmed that Micro, Small and Medium Enterprises (MSMEs) contributes nearly 50 per cent of Nigeria Gross Domestic Product (GDP) and 80 per cent of the country’s total employment.
Speaking virtually at the 7th EMPRETEC Global Summit with the theme “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence, the Federal Minister of State for Industry, Trade and Investment of Nigeria, Amb Mariam Katagum said the government had rolled out various interventions to reposition MSMEs for increased and sustained contribution to the national economy.
“As we are all aware, the MSME sector is the engine of growth of any economy, contributing to its development, job creation and export, amongst others.
“An MSMEs survey indicates that Nigeria’s SMEs contribute nearly 50 per cent of the country’s GDP and account for over 80 per cent of employment. No doubt, the sector is pivotal to Nigeria’s growth, including reducing poverty and unemployment levels.
“It has, therefore, become more apparent that supporting entrepreneurs and small businesses by creating opportunities for MSMEs to thrive is essential for increasing productivity, creating jobs, and boosting our economy.
“This is why Government is working with stakeholders across all sectors, to create the enabling environment for entrepreneurs and MSMEs to ensure that they grow now and into the future,” the Minister stated.
According to a statement by Oluwakemi Ogunmakinwa, Katagum said “the Government of Nigeria had, prior to the outbreak of COVID-19, initiated the MSMEs Clinics’ scheme as a strategy, aimed at providing support for the MSMEs in the country.
“At the clinics, which is organised in various states of the country, operators in the MSMEs space are engaged by regulators and business advisory experts, on issues ranging from entrepreneurship, skill development, finance, quality & standards, and on how to facilitate and grow their businesses and enterprises.”
The Minister further stressed that in order to achieve sustainable growth and development of MSMEs, the Federal Government had recently approved the revised National Policy on Micro, Small and Medium Enterprises (MSMEs) which would provide the framework to resolve the challenges faced by the sector.
She also added that the Ministry has commenced engagement with stakeholders with a view to enriching the draft National Policy on Startups which is designed to reposition the nation’s startups to be a major contributor to the nation’s Gross Domestic Product (GDP).
The Minister commended EMPRETEC Nigeria Foundation and other stakeholders for their continued commitment to the plight and progress of entrepreneurs and the MSMEs.
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In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. MSMEs contribute over 50% of Nigeria’s GDP, 80% employment ; MSMEs contribute over 50% of Nigeria’s GDP, 80% employment ; MSMEs contribute over 50% of Nigeria’s GDP, 80% employment.