Time for Small Enterprises to Be Nigerian Economy's Engine Room

The revised national policy on micro, small and medium enterprises has been approved by the government's federal executive council, providing a framework to resolve the challenges faced by the sub-sector, the Minister of State for Industry, Maryam Yalwaji Katagum, has said. The minister further emphasised the critical role which MSMEs, especially women-owned businesses play in the development of the national and global economy in terms of employment generation and contribution to Gross Domestic Product. "Worldwide, MSMEs are regarded as the engine of economic growth but not in Nigeria. We need to change this ugly trend", the chairperson of the Forum of Micro, Small and Medium Enterprises Business Membership Organisations Albert Akinyemi added. MSMEs have been facing many challenges, including electricity outages and, with the Covid-19 pandemic many enterprises closing its doors, due to lockdown restrictions. The nation's economy has been under strain for over a year, due to a recession and its reliance on its main export, oil, that has seen a decline in price worldwide, due to the shutdown of various industries and travel.