On the 4th of October 2022, President Muhammadu Buhari, pledged support for Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs).The President was represented by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo. Otunba while addressing captains of industries at the opening of the Abuja International Trade Fair and Exhibition, said that “The MSME segment is critical to the stimulation of economic development. Nigeria is estimated to be home to over 40 million MSMEs who, together, contribute about 48 percent of our GDP.” Hence the pledge.
A large number of small businesses have either closed up, or are managing to survive because of the unfavourable economic condition. It is the responsibility of the government to at least provide a good environment for businesses to thrive by strategically utilizing the nation’s potential to boost its Gross Domestic Product (GDP). There is indeed, the need to change the narrative for MSMEs that contribute about 50 percent of the Nation’s GDP as it would further boost the economic situation of the nation, reduce unemployment rate, and level of insecurity. When things are made easy for the people, there would be no need to want to survive illegally.