Mr Jean Bakole , the Regional Director, United Nations Industrial Organisation (UNIDO), said that Smail and Medium Enterprises (SMEs), have the capacity to boost the Nigerian economy.
Bakole said on Monday in Abuja that SMEs accounted for about 96 per cent of all business activities in the country.
He said that the current economic situation in the country could be boosted through the contribution of MSMEs, if given needed attention.
According to him, the contribution of MSMEs to the Nigerian economy cannot be over-emphasised, as it had contributed immensely to the economic development of the country.
“The MSMEs contributes about 50 per cent of the GDP, and they provided over 48 per cent of all employment opportunities in the country.
“But, in spite of their critical role in the economy, they are faced with series of daunting challenges exacerbated by the COVID-19 pandemic.”
Bakole, however, revealed that the capacity-building project embarked upon by the agency had strengthened about 124 MSMEs in the health sector to transform into the formal sector.
He added that the project had also helped to develop the rural economy, create sustainable economic growth and development, while providing quality PPEs and other healthcare-related products.
“SMEs constitute the future of the economy globally, and Nigeria cannot be left behind. It is imperative to improve on them.
“The role of the MSMEs is absolutely key in Nigerian economy as they represent 96 per cent of the business activities in the country, and contribute to economic growth.
“They are contributing up to 50 per cent of the national GDP and account for 48 per cent of all employments in the country.
“In spite of the critical role of the MSMEs, they are facing a number of challenges in the country, like limit to accessing finance and markets,
“Others are infrastructure deficit, multiple taxation, technological disruptions and regulations framework issues”, he said.
Bakole further said that SMEs were strategic and essential for accelerating economic growth globally, adding, ” Nigeria needed to key into the trend.”
