KEY POINTS
- Minister of State for Industry John Owan-Enoh says MSMEs account for 96 per cent of businesses in Nigeria.
- The sector contributes 48 per cent to GDP and provides 87 per cent of employment, according to the minister.
- Federal and state initiatives in Cross River include technical training facilities, solar-powered EV charging infrastructure and proposed electric vehicle manufacturing.
MAIN STORY
Micro, Small and Medium Enterprises (MSMEs) account for 96 per cent of businesses in Nigeria and contribute 48 per cent to the country’s Gross Domestic Product (GDP), Minister of State for Industry, John Owan-Enoh, has said.
The minister also said the sector provides 87 per cent of employment, describing small businesses as central to Nigeria’s economic productivity and growth.
Owan-Enoh spoke on Sunday night at a town hall meeting with business operators in Calabar, organised by the Directorate of Manufacturing and MSME of the All Progressives Congress (APC) Presidential Campaign Council.
He urged business owners and manufacturers to recognise their contribution to the economy, saying that strengthening their operations was critical to national development.
The minister described the meeting as the first public outing of the directorate ahead of the APC presidential campaign rally in Cross River State.
THE ISSUES
Owan-Enoh commended the Cross River Government, led by Governor Bassey Otu, for reviving the Micro-Enterprise Development Agency (MEDA), which he described as an important platform for supporting small businesses.
He also said the state government was working with federal agencies, including the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry (BOI) and Nigerian Export-Import Bank (NEXIM), to strengthen business support systems.
The minister listed federal government interventions in the state, including an automotive training centre at the University of Cross River, a Compressed Natural Gas conversion workshop and a 65-kilowatt solar-powered electric vehicle charging station at the University of Calabar.
He also disclosed that a Memorandum of Understanding had been reached with a South Korean team towards electric vehicle manufacturing in the state.
According to him, the projects are expected to build technical capacity, encourage local manufacturing and create opportunities for businesses.
WHAT’S BEING SAID
“If you look at the MSME ecosystem and appreciate the fact that about 96 per cent of businesses in our country are MSMEs, contributing about 48 per cent to our GDP and 87 per cent to employment, then you begin to wonder what else is left.” – Sen. John Owan-Enoh, Minister of State for Industry.
“MSMEs are actually our economy. You all who are seated here are actually the economy of Cross River and Nigeria.” – Sen. John Owan-Enoh, Minister of State for Industry.
“The opportunity before us is to ensure that our raw materials are processed locally, creating more value, businesses and employment for our people.” – Sen. John Owan-Enoh, Minister of State for Industry.
WHAT’S NEXT
Owan-Enoh said Cross River, which he described as Nigeria’s leading cocoa-producing state, could benefit from the new Nigerian Industrial Policy through its emphasis on local processing and value addition.
He said the policy offered an opportunity for the state to expand cocoa processing and manufacturing rather than depend solely on exports of raw materials.
BOTTOM LINE
MSMEs account for the largest share of Nigerian businesses and a substantial portion of employment and economic output, according to the minister. The challenge for the sector is to translate its economic importance into stronger business support, access to productive infrastructure and opportunities for local manufacturing.
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