Staying in touch with World SMEs Day celebration this June, Dr Seyefar Clement – international finance expert, principal lecturer at the University of Bedfordshire and Fellow of the Higher Education Academy (FHEA) discusses the critical role of Small and Medium Enterprises (SMEs) to the Nigerian economy and the multidimensional approaches required to shape their growth. With over a decade experience advising SMEs in Nigeria and United Kingdom, Dr Clement shares with Mary Nnah the importance of strengthening SMEs in Nigeria through targeted interventions, effective and transparent funding programmes and financial literacy
In the interest of our readers who may not very familiar with the idea of SMEs, what is the simplest understanding of it and why is it important in an economy?
SMEs, which stands for Small and Medium-sized Enterprises, are businesses that are larger than micro-enterprises but smaller than large corporations. They can be found in virtually every sector of the economy, including retail, agriculture, manufacturing, technology, logistics, and professional services.
SMEs are the backbone of any economy because they create jobs, stimulate innovation, support local communities, and contribute significantly to economic growth. In Nigeria, their importance is even more pronounced. According to recent estimates, MSMEs account for approximately 96% of businesses in the country and remain a critical driver of employment and economic activity.
