For Nigeria’s Micro, Small and Medium Enterprises (MSMEs) to contribute to national economic growth and development, focus must be on financial inclusion as well as a stronger partnership among government agencies and financial institutions, financial experts said.
This statement was made at the Manufacturing Business Accelerator (MBA) Cohort 2 Graduation and Business Showers held in Lagos.
The program with the themed “Innovation, Inclusion, Impact: Redefining MSMEs in Nigeria’s Economy,” the keynote speaker, Group Head, Retail and SME Banking at NOVA Bank, Mrs. Esther Obiekwe, described MSMEs as the heartbeat of Nigeria’s economy, contributing to innovation and job creation across all sectors.
According to her, “Nigeria’s Micro, Small and Medium Enterprises represent over 90% of businesses, 80% of employment, and nearly half of our GDP. From roadside tailors to small manufacturers, from tech start-ups in Yaba to agro-processors in Kano — MSMEs are the lifeblood of our economy.”
Obiekwe identified poor access to finance, weak infrastructure, and regulatory bottlenecks as major challenges facing the sector.
She, however, called on the government and financial institutions to build an enabling environment for inclusive growth.
She said, “Inclusion is the bridge between potential and participation. Women, youth, and informal-sector entrepreneurs represent untapped energy. When we include them, we expand national productivity.”
Convener of the MBA programme, Mrs. Desola Jimmy-Eboma, said the initiative, through the Small Scale Enterprise Lab (SSE Lab), helps entrepreneurs move “from hustle to structure” by offering mentorship and practical frameworks.
Director-General of Small and Medium Enterprises Development Agency, SMEDAN, Mr. Charles Odi, represented by Mr. Bunmi Kola-Dawodu, commended the initiative, saying more programmes like it are vital to boost MSME growth and job creation in Nigeria.
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