Nigeria's economy is gradually on a positive trajectory as the number of Micro, Small and Medium Scale Businesses (MSMSB) in Nigeria grew by 12 per cent to 41.543 million in 2017 from 37.067 million in 2013. This was contained in the latest National Survey of Micro Small & Medium Enterprises (MSMEs) jointly conducted by National Bureau of Statistics (NBS) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Also, the report which covered five years stated: “The total number of MSMEs as at December 2017 stood at 41,543,028 – micro enterprises (MEs): 41, 469,947; small and medium enterprises (SMEs): 73,081.
The sectors’ total employment contribution stood at 59,647,954 persons, including owners, as at December 2017, representing 86.3 per cent of the national workforce, contributing 7.64 per cent of export receipts.”
More so, in contrast, the total number of MSMEs in Nigeria as of 2013 stood at 37,067,416 comprising of Medium Enterprises (MEs) 36,994,578 and Small Medium Enterprises (SMEs) 72838.
Additionally, the total number of persons employed by the MSMEs sector as at December 2013 stood at 59,741,211, representing 84.02 per cent of the total labour force, while the sector’s contribution to export stood at 7.27%.
At the unveiling of the survey in Lagos, Director General, SMEDAN, Dr Umaru Dikko Radda, noted that the report is an invaluable compendium on the state of the MSMEs sub-sector in the country.
According to the DG, SMEDAN was set up mainly to tackle the problems of MSMEs, especially providing capacity for the industry and seeking more funding for the sector in a coordinated fashion.
His words read: “With a mandate to promote the development of SME sub-sector of the Nigerian economy, SMEDAN assumed the twin roles of coordination and facilitation as the agency for MSMEs development.”
The DG also called on Government to establish MSMEs bank so as to make loan accessible to small businesses easier.
Adding, the agency has instituted a five-year strategic plan to tackle the challenges facing the sector.
Also speaking at the event, Statistician-General of the Federation, Dr Yemi Kale, stated that the 2017 National MSMEs Survey, which is the third edition following that of 2010 and 2013, covered enterprises in Nigeria employing below 200 persons and was conducted in all the 36 States of the federation and FCT.
He also observed that MSMEs play a considerable role as the engine for economic transformation and industrialization for both developed and developing countries.
The NBS boss gave some challenges facing MSMEs to include vulnerability to economic shocks, lack of stable and supportive policy environment, excessive regulation, complex and cumbersome tax process, and lack of technical know-how among the youths, among others.
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