By Lucy Ogalue
The Minister of Industry, Trade and Investment, Doris Anite, has emphasised the critical role of Micro, Small, and Medium Enterprises (MSMEs) in driving Nigeria’s economic growth and job creation.
Anite, represented by the Permanent Secretary of the ministry, Amb. Nura Rimi, highlighted this at a retreat organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Abuja on Friday.
The event, themed “Grow Nigeria: Repositioning MSMEs for Sustainable Growth and Development” brought together stakeholders nationwide.
Anite said that the MSME sector, often called the engine of economic development, played a pivotal role in job creation, poverty reduction, and Gross Domestic Product (GDP) growth.
She said that despite the sector’s contribution, it faced multiple challenges such as access to finances, capacity deficits, technological gap, skill development, market access, and opportunities.
“In spite of these challenges, notwithstanding the recent statistical data and other indicators from both local and international development institutions on MSME, the sector is heartwarming.
“This sector accounts for 90 per cent of businesses, 60 per cent to 70 per cent of employment, and 50 per cent of GDP worldwide.
“In Nigeria, the MSME sector accounts for 39.6 million businesses, contributes approximately 43.6 to GDP, and employs more than 61 million people.
“This indicates clearly that the future of sustainable economic growth and development is squarely on this sector,” she said.
While acknowledging the sector’s crucial role, Anite expressed the ministry’s commitment to continue aligning with SMEDAN to actualise the sector’s objectives.
Also speaking, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, said that MSMEs were essential for job creation and driving innovation, local industrialisation, and inclusive growth.
Wike was represented by Mr Ubokutom Nyah, the Mandate Secretary, Economic Planning, Revenue Generation and Public-Private Partnership Secretariate, FCTA.
According to Wike, this retreat’s theme aptly captures the need to reposition our MSMEs for sustainable growth and prosperity.
He emphasised the FCTA’s commitment to the sector.
“In our quest to grow Nigeria, we must recognise that MSMEs are at the heart of this transformation.
“Their success translates into broader economic stability, social inclusion, and long-term prosperity for Nigeria.
“We are fully aligned with SMEDAN’s objectives in empowering small businesses and ensuring their sustainability,” wike said.
He said that the FCT, as a hub of commerce and innovation, was uniquely repositioned to support MSME growth through targeted infrastructure improvements, business-friendly policies, and strategic partnerships.
“To reposition MSMEs for sustainable growth, we must focus on three key pillars: access to finance and investments; capacity building and innovation; and market expansion and export opportunities.
“The FCT administration is working tirelessly to create a productive environment for businesses to thrive.
“We are reducing democratic bottlenecks, enhancing the ease of doing business, and investing in critical infrastructure,” he said.
Earlier, SMEDAN Director-General, Charles Odii, said that with the retreat, the agency would refocus on growing the MSME ecosystem, guided by the “GROW Nigerian” strategy.
“This strategy provides guidance, resources, opportunities, and workforce support to small businesses nationwide.
“We will optimise our processes for maximum impact to enhance local production potential in eight high-growth sectors.
“This will enable Nigeria to achieve self-sufficiency and increase revenue through exports,” Odii said. (NAN)