Sunday, September 19, 2021

Federal Government says MSMEs contribute 50% to Nigeria’s GDP

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The Federal Government says Micro, Small and Medium Entreprises (MSMEs) sector accounts for about 76% of the nation’s labour force and contributes about 50% to the Gross Domestic Product (GDP).

Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum stated this at the maiden edition of the National Micro, Small and Medium Enterprises Discourse (MSMEs) with the theme “Little beginnings; Huge Impact” as part of the activities lined up for the celebration of the National MSME Week in Abuja.

She added that MSMEs make up over 90% of all firms globally and account, on average, for 60 – 70% of the total employment and 50% of GDP worldwide.

The Minister revealed that the FG will sustain its interest in the sector for efficiency and growth citing that MSMEs play a pivotal role in stimulating economic growth and providing employment to vulnerable groups such as youth, women and the poor.

Some of these interventions include the MSME Survival Fund and Guaranteed Offtake Scheme.

The Minister stated also that it is imperative to know that no nation can develop its economy without concerted efforts that facilitate private sector participation, financing and improving social services delivery hence the Federal Government will continue to provide the enabling environment by ensuring that policies and programmes towards MSMEs development are deliberately designed to yield the desired results.