NASME seeks growth of small businesses

The President, Nigerian Association of Small and Medium Enterprises (NASME), Prince Degun Agboade, has described Micro, Small and Medium Enterprises (MSMEs) as the engine of economic growth and development, even as he urged the government to provide the necessary infrastructure to support entrepreneurs.

Speaking at The Business Club Ikeja (BCI) luncheon in Lagos recently, he noted that in most countries of the world, the development strategies of governments now recognise that attention must be given to promoting MSMEs development as cornerstone for long-term socio-economic progress.

Their flexibility, dynamic adaptation to changing market conditions, ability to respond to technological innovations and their contributions to employment and economic decentralisation make them significant engine of economic growth and development

According to him, MSMEs account for about 76.5 per cent of total workforce, or 59,647,954 persons. It contributes approximately 49.78 per cent of country’s Gross Domestic Product (GDP).

Total Enterprises number – MSMEs is 41.54 million, Micro Enterprises class is 41.469 million or 99.8 per cent, Micro Enterprises, operating informally without registration and not offering paid employment is 37.071 million or 89.4 per cent. Small Enterprises class is 71,288, or 10.6 per cent, and Medium Enterprises class is 1793 or 0.004 per cent.

“Therefore, any development effort directed to this sector will have great developmental impact to the benefit of Nigeria. No wonder MSMEs are regarded as engine of economic growth all over the world, and Nigerian economy will therefore not be an exception.” he said.

In his address, the President BCI, Adeleke Odude, in his address, noted that high level of unemployed youths are currently using their energy to solve activities that are detrimental to the society like cyber crime that has led to high degree of insecurity. He also stressed the need for government to encourage the growth of entrepreneurship, particularly MSMEs in the country.