Event Description

Posted Fri, Jul 26, 2024 10:34 AM

Timeframe: Thu, Aug 22, 2024 11:00 AM - Thu, Aug 22, 2024 1:00 PM

Improving Access to Markets for Nigerian Micro, Small and Medium Enterprises (MSMEs)

Micro, Small and Medium Enterprises (NMSMEs) MSMEs are recognised as the backbone of economies globally with the capacity to promote equitable and sustainable economic growth and foster wealth creation. In Nigeria, MSMEs continue to grapple with challenges that limit their productive capacities, undermining their ability to contribute to economic development. A report by McKinsey Global Institute (2024) revealed that MSMEs' productivity in Nigeria is a meager 12 percent compared to the productivity recorded by large enterprises. Meanwhile, MSMEs account for 96.7 percent of businesses in Nigeria, according to the latest report published by the Small and Medium Enterprises Development Agency of Nigeria (Kippa, 2022).

While there have been several efforts to support the growth of MSMEs in Nigeria in light of their importance to national economic development, the Nigerian MSME ecosystem has remained rift with challenges and gaps that make running a business in Nigeria difficult and unattractive. These challenges include poor access to funding, access to market gaps, unstable policies, poor policy design and implementation approaches e,g. fuel subsidy removal, naira redesign etc. These, coupled with persistent issues such as insecurity, poor infrastructural development, galloping inflation, and foreign exchange volatility, have created an atmosphere of macroeconomic instability with a negative impact on MSMEs. 

Despite these challenges, Nigerian MSMEs continue to prove to be resilient while exuding strong potential and ability to drive inclusive and sustainable economic growth in Nigeria.