SMEs contribute 50% of Nigeria’s GDP ― FG

The Federal government has revealed that Small and Medium Enterprises (SMEs) contribute over 50 per cent to Nigeria’s Gross Domestic Product (GDP).

Speaking in Gombe, the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum disclosed that SMEs also accounted for over eighty per cent of employment in the country.

She maintained that the Micro, Small and Medium Enterprises sector is the engine of economic growth, contributing to the development of the country through job creation and export.

“The MSME sector is the engine of growth of any economy, contributing to its development, job creation and export amongst others.

“The latest SMEDAN/NBS MSME Survey indicates Nigeria’s SMEs contribute nearly 50% of the country’s GDP and account for over 80% of employment in the country. No doubt, the sector is pivotal to Nigeria’s growth including reducing poverty and unemployment levels.

“With the above figures in mind, it is therefore very clear that supporting small businesses by creating opportunities for MSMEs to thrive is essential for increasing productivity, creating jobs, and boosting our economy.

That means making every effort to support MSMEs so that they can grow. This is why Government is working with stakeholders across all sectors to ensure that MSMEs have the support they need, to grow now and in the future”.

According to a statement made available to newsmen by Oluwakemi Ogunmakinwa, Katagum noted that “all this is geared towards enhancing the competitiveness and quality of services rendered by SMEs, as well as globally and regionally positioning them to compete with their counterparts both within the country and beyond”.

“There is, therefore, a compelling need for every State and local government in Nigeria to identify areas of comparative advantage, particularly in agriculture and other resource endowments, and build competencies for food sufficiency and export. This is particularly more pressing, considering that trading under the African Continental Free Trade Area (AfCFTA) commenced on 1st January 2021.

“These interventions, which have reached considerable implementation levels and received accolades and positive testimonies nationwide, have provisions for 45% female-owned businesses, as well as 5% for those with special needs. Some key tracks include Payroll Support; General MSME Grant; Artisan/Transport Grant; and Free Business Registration,” she stated.

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