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MSMEs contribute half to GDP – FG

MSMEs contribute half to GDP – FG

William Ukpe by William Ukpe July 1, 2021Reading Time: 2 mins read

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The Federal Government of Nigeria unveiled on Wednesday that the Micro, Small and Medium Entreprises (MSMEs) area represents about 76% of the country’s workforce and contributes about half to the Gross Domestic Product (GDP).

This was revealed by the Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum at the lady version of the National Micro, Small and Medium Enterprises Discourse (MSMEs) with the subject “Little beginnings; Huge Impact” as a feature of the exercises arranged for the festival of the National MSME Week in Abuja.

“In Nigeria, a new review uncovered that the MSMEs area represents about 76% of the country’s workforce and contributes about half to the Gross Domestic Product (GDP),” she said.

By and large, for 60 – 70% of the absolute work and half of GDP around the world.

The Minister uncovered that the FG will support its advantage in the area for proficiency and development refering to that MSMEs assumes a vital part in invigorating financial development and giving work to weak gatherings like youth, ladies and poor people.

“To this end, the Federal Government of Nigeria has kept on investigating potential intercessions to pad the impact of the monetary personal time, particularly on miniature, little and medium organizations by giving palliatives to empower recuperation, food and enhancements under the Economic Sustainability Plan (ESP).

A portion of these intercessions incorporate the MSME Survival Fund and Guaranteed Offtake Scheme.

Likewise, realize that no country can foster its economy without coordinated endeavors that work with private area interest, financing and further developing social administrations conveyance thus the Federal Government will keep on giving the empowering climate by guaranteeing that arrangements and projects towards MSMEs advancement are purposely intended to yield the ideal outcomes,” the Minister expressed.

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The Bank of Industry announced last week that it dispensed advances to more than 3,000,000 Micro, Small and Medium Enterprises (MSMEs) and 653 enormous undertakings between 2015-2020, making 6.98 million immediate and circuitous positions, with almost N1 trillion worth of advances.

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