The federal government said it will explore opportunities in micro, small and medium enterprises to fight inflation and boost the country’s economic development.
The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba said this on Thursday in Abuja during the Fourth Strategic Planning Meeting of Nigeria MSME Business Member Organizations Forum (MSME Forum) .
According to him, MSMEs were the engine of growth for any economy, dominating the private sector space and creating more than 50% of jobs in developing countries.
“In Nigeria, the contribution of SMEs to GDP between 2015 and 2020 has been estimated at 48% on average. SMEs account for 50% of industrial jobs and almost 90% of activities in the manufacturing sector.
“MSMEs are also known to be very active in promoting backward integration, as most of them engage in the use of local materials as intermediate inputs in the production of goods,” Agba said. , represented by his Special Adviser, Mr. Sufyan Ojeifo.
He noted that the current administration of President Muhammadu Buhari was unaware of the challenges hampering the growth and development of MSMEs in Nigeria, including a hostile business environment, skilled workforce, infrastructure deficit , multiple taxation, insufficient access to financing; and the high cost of capital.
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