Nigeria: MSMEs Key to Economic Growth, Says Sanwo-Olu

13 December 2023
Daily Trust (Abuja)
By Abiodun Alade

Lagos State Governor Babajide Sanwo-Olu, Tuesday, said the Micro, Small and Medium Enterprises (MSMEs) sector is a huge economic catalyst, as it constitutes 95 to 98 per cent of all businesses, generates 50 per cent of the Gross Domestic Products, GDP and creates between 60 to 70 per cent of employment.

Sanwo-Olu, who disclosed this at the 8th edition of the Lagos State MSMEs exclusive fair, added that workers in the sector are estimated to account for about 90 per cent of the labour force in sub-Saharan Africa and South Asia.

He said the signing of the African Continental Free Trade Area (AfCFTA) has made it imperative for the government and other stakeholders to support MSMEs in the country for them to take advantage of the continental agreement by providing the platform and exposing them to the skill set required.

Read the original article on Daily Trust.

Tagged:
Copyright © 2023 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.