The Federal Government has projected that contributions by Micro, Small and Medium Enterprises (MSMEs) will account for 70 per cent of the Gross Domestic Product (GDP) by 2025.
Director-General, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Dikko Radda, who disclosed this at a stakeholders’ operationalisation of Public-Private Dialogue on the implementation of the new National Policy on MSMEs (2021-2025) in Abuja, said the government was working assiduously towards the target.
According to him, the sector currently contributes 49 per cent to the GDP and has provided over 59 million jobs in the country.
Radda, who was represented by the Director, Partnership and Coordination in the agency, Friday Okpara, while noting that there are over 41 million MSMEs in the country, said the target was to grow the MSMEs to create at least one job each, to add to the existing 59 million jobs and also push the sub-sector’s contributions to the GDP from the current 49 per cent to 70 per cent by 2025.
“The top five sectors according to the same document are Wholesale/Retail, 42.3 per cent; Agriculture 20.9 per cent; Other Services 13.9 per cent; Manufacturing 9.0 per cent; and Accommodation/Food services 5.7 per cent,” he stated.
Radda recalled that one of the core challenges the agency took up towards providing an enabling space was producing the first ever National Policy for MSMEs in 2007, which largely seeks to ensure MSMEs in the country are active, innovative and globally competitive.
He applauded the ICR facility for putting in place a proper coordination mechanism that would see every stakeholder as champions of MSME development.
A National Consultant with ICR facility, Dr. Ada Chidi-Igbokwe, stressed the need for a coordinated mechanism to ease the implementation of the policy.
According to her, MSMEs cut across many sectors of the economy, hence, achieving the objectives of the reviewed policy would make MSMEs development more effective and efficient.
Chairman, Business Visa and Training company, Mohammed Garba, urged the government to mandate its agencies to patronise local businesses.
