MSME Day 2024: Technology as an Enabler for MSME Development in Nigeria

NESG Radio

Micro, Small and Medium Enterprises (MSMEs) account for 90 percent of businesses, 60 to 70 percent of employment and 50 percent of GDP globally. In Nigeria, MSMEs account for 96.7 percent of businesses, approx. 46 percent of the GDP and employ over 80 percent of the labour force, according to the latest report published by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Therefore, MSMEs have been recognised as the backbone of societies globally with the capacity to contribute to development, innovation, wealth creation, employment generation and poverty reduction and promote equitable economic growth if given adequate support, especially considering Nigeria’s strong, youthful and entrepreneurial population. Considering the immense potential of MSMEs and the need to raise awareness about their pivotal role in economic development, June 27 was earmarked for the celebration of MSME Day annually. To deliver a competitive entrepreneurial ecosystem capable of creating employment, wealth creation and driving socio-economic development, gaps within the entrepreneurship ecosystem need to be urgently addressed for its potential to be harnessed. Technology adoption has been identified as a veritable tool in driving the required reforms in the MSME ecosystem in Nigeria. Hence, the podcast seeks to explore the imperative of technology and digitalisation to the realisation of desired policy reforms across key pain points such as access to markets, access to finance and taxation.