Buhari pledges support for MSMEs to boost GDP
President Muhammadu Buhari, yesterday, pledged support for Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs), insisting that the country will leverage their potential to boost its Gross Domestic Product (GDP).
Confronted with harsh economic conditions, millions of small businesses manage to thrive but Buhari, while addressing captains of industries at the opening of the Abuja International Trade Fair and Exhibition, said there was need to change the narrative for MSMEs, who contribute close to 50 per cent of the nation’s GDP.
“The MSME segment is critical to the stimulation of economic development. Nigeria is estimated to be home to over 40 million MSMEs who, together, contribute about 48 per cent of our GDP,” Buhari, who was represented by his Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said.