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SMEDAN: MSMEs have contributed 46% of Nigeria’s GDP despite insecurity

T.I Ukende
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The SMEDAN Logo and the Nigerian coat of arms

The Director-General of Small and Medium Enterprises Agency of Nigeria (SMEDAN), Dikko Umaru Radda, said the commitment of the Micro Small and Medium Enterprises (MSMEs) to work in Nigeria rose by 3.7 percent.

Radda expressed this while refering to the 2020 MSME Survey mutually directed by SMEDAN and the National Bureau of Statistics (NBS), at the send off of the report in Abuja yesterday.

He unveiled that the increment was recorded notwithstanding the critical drop in the absolute number of MSMEs which remained at 39,654,385 and therefore 3.5% reduction in their commitment to Gross Domestic Product (GDP).

Dikko, nonetheless, ascribed the lessening to open worldwide seriousness, the deteriorating instance of instability in the country just as the COVID-19 pandemic.

He required the production of an empowering climate for MSMEs, particularly financing, foundation, innovation, and markets.

The Chief Executive Officer and Statistician-General of the Federation, NBS, Dr Simon Harry, said the review was directed in 36 conditions of the league and the Federal Capital Territory (FCT).

Harry said 400 families with miniature undertakings per state were reviewed and the SMEs were covered cross country, cutting across 16 areas of the economy.

“The aftereffects of the activity demonstrate extraordinary upgrades in specific areas of tasks and exercises of MSMEs in Nigeria.

“In Nigeria, MSMEs contributed 46.31% of public GDP and furthermore represented 6.21% of gross commodities. Miniature Enterprises (MEs) represented 96.9% of organizations and 87.9% of business,” Harry focused.

He, in any case, communicated disdain that regardless of their commitments to the Nigerian economy, it was as yet confronted with difficulties that block the development and advancement of the area. 

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