Small and medium enterprises (SMEs), which contribute over 48 per cent to Nigeria’s gross domestic product (GDP) and provide more than 80 per cent of employment, are set to receive more support from the Federal Government to improve competitiveness in international markets.

The commitment was outlined during an interactive forum where officials highlighted plans to address key challenges hampering SME growth, including the persistent export of raw materials without value addition and crippling delays at Nigerian ports.

Speaking at the forum, Managing Director, Nigerian Export-Import Bank (NEXIM Bank), Abubakar Bello, emphasised the administration’s determination to diversify the economy beyond oil dependency.

“Today, we are still earning 95 per cent of foreign exchange from oil. Meanwhile, the local economy has a better diversified base. We want to replicate that in exports to ensure that we take non-oil exports to not only be hard to beat at the oil level, but significant and we keep improving on it,” he stated.

The Nexim Bank chief acknowledged the multifaceted challenges facing MSMEs, noting that the institution has established MSME clinics to address the issues directly.

The All Progressives Congress (APC) Youth Leader, Dayo Israel, reinforced the government’s commitment to entrepreneurship, stressing the government’s effort to create accessible platforms for SME engagement while noting that business owners would no longer need to seek an audience with top management to access support services.

Port inefficiencies have emerged as a critical bottleneck for exporters, with delays often extending into weeks, resulting in substantial financial losses and missed market opportunities. However, officials assured that comprehensive measures are being implemented to address these challenges.

The forum’s discussions centred on three key pillars identified as essential for SME success in global markets – adequate financing, value addition to raw materials and streamlined export processes.