MSMEs key to economic growth, poverty reduction, says Minister

Minister of Industry, Trade, and Investment, Niyi Adebayo, has emphasised the importance of Micro, Small, and Medium Enterprises (MSMEs) for economic growth and employment generation.

Speaking at the fifth edition of the yearly Lagos Small Business Summit organised by SME100Africa held virtually, he affirmed the latest Small and Medium Enterprises Development Agency of Nigeria/National Bureau of Statistics (SMEDAN/NBS MSME) survey, which indicated that Nigeria’s SMEs contribute nearly 50 percent of the country’s Gross Domestic Product (GDP) and account for over 80 per cent of employment in the country.

Chief Executive Officer of Lola Petra Ventures, Lola Petra Allen, a trading, bakery, food and beverage firm in Ogun, expressed appreciation to the Federal Government.

especially for the Survival Funds, as she said four of her staff got N30, 000 each. The MSME Survival Fund Programme is a part of the Economic Sustainability Plan aimed at supporting and protecting businesses from the potential vulnerabilities brought about by the pandemic. It has three parts, which any MSME business owner is eligible, the MSME Revolving Guaranteed Off-take Scheme, the Payroll support and MSME Grant.