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Olugbemi. Adeyinka Ogunleye
2 months ago
Overview
ARTICLE: THAT SMALL BUSINESSES MAY THRIVE
EDITORIAL
Globally, the Micro, Small and Medium Scale Enterprises (MSMEs) sector constitutes the spine of any country’s economy. As small industry operators, they weather and overcome stiff competition from foreign operators to grow and keep jobs for locals. Today,
MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of the Gross Domestic Product (GDP) worldwide, according to the World Bank. In Nigeria, the Small and Medium Enterprises Development of Nigeria (SMEDAN) reports that MSMEs currently represent 96 per cent of the businesses in the country and contribute 75 per cent of the national employment. Unfortunately, this is a sector that has been neglected in Nigeria. On a day set aside by the United Nations for the MSMEs, it is important that all relevant authorities in the country move from rhetoric to concrete actions on how to lift the majority of our people out of poverty
https://www.thisdaylive.com/index.php/2024/07/01/that-small-businesses-may-thrive/#google_vignette