The Federal Government of Nigeria says its mark is for the Micro, Small, and Medium Enterprises sector to account for 70 percent of the country’s Gross Domestic Product by 2025.
Director-General of the Small and Medium Enterprise Development Agency of Nigeria, Dikko Radda, said this at a stakeholders’ dialogue on the implementation of the new national policy on MSMEs (2021-2025) in Abuja.
According to him, the MSME sector currently contributes 49 percent to the GDP and has provided over 59 million employment opportunities in the nation.
He affirmed confidence that the target growth was feasible.
He said, “With over 41 million MSMEs, the minimum target to be realized before the expiration of the policy in 2025 is to ensure an enabling environment is created for the 41 million MSMEs to grow and create a minimum of one extra employment, which currently stands at over 59 million, and also push the sub-sector’s contribution to the GDP from the current 49 percent to 70 percent by the close of 2025.
“However, and in contrast to this, its share of total exports remains small, between 10.0 percent and 29.9 percent. These are figures the policy has targeted to increase significantly within the next five years.”
