Small scale businesses deserve adequate attention
Globally, the micro, small and medium scale enterprises (MSMEs) sector constitutes the spine of most national economies because, as small industry operators, they weather and overcome several challenges to grow and keep jobs for the locals. It was therefore most fitting that the official theme designated by the United Nations Industrial Development Organisation (UNIDO) for the 2026 MSME Day was “Empowering MSMEs through Innovation and Sustainable Industrial Development.” It is important that all relevant authorities in the country move from rhetoric to concrete actions on how to lift the majority of our people out of poverty.
Ordinarily, MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of the Gross Domestic Product (GDP) worldwide, according to the World Bank. In Nigeria, the Small and Medium Enterprises Development of Nigeria (SMEDAN) reports that MSMEs currently represent 96 per cent of the businesses in the country and contribute 75 per cent of the national employment. Unfortunately, this is a sector that has been neglected in Nigeria. Although SMEDAN has launched a N500 million zero-interest for MSMEs in the country, many such similar initiatives have ended up as slush funds for political operatives.
