A development consultant has noted the impact of Micro, Small, and Medium-scale Enterprises (MSMEs) on the Nigerian economy, stating that they contributed 48 percent to the country’s Gross Domestic Product (GDP).
This was disclosed by Michael Olugbemi, a development consultant at a workshop targeted at MSMEs in Abuja on Monday.
The workshop was a collaborative effort between the trade ministry and Quantum Mechanics Limited.
Present at the event was the Minister of Industry, Trade, and Investment, Niyi Adebayo, who stated that the Nigerian government would continue to show support for small businesses to secure their growth.
He disclosed that the sum of N1.3 billion had been pledged by the Bank of Industry (BoI) and that it would stimulate the creation of 1.3 million jobs in the country.
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Also noting the importance of small businesses in the country, Olugbemi said that the federal government was right to worry about the positioning of small businesses in Nigeria.
He said, “MSMEs are the backbone of every economy, so, it makes sense if the government is worried if they are not well-positioned.
“They contribute about 48 percent to our Gross Domestic Product (GDP), employing about 60 million people, accounting for 80 percent of employment and 7.5 percent of total exports.”
