The Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Dr Oluwale Fasanya says the Micro, small and medium enterprises sub-sector only contributed 6.21% to the total export basket of Nigeria in 2022.
He described it as abysmally low when compared to other emerging economies.
Dr. Fasanya Made this known during an interaction with newsmen in Abuja.
He said the inference was that Nigeria’s MSMEs were not globally competitive, hence the need to ensure that the narrative is changed with the anticipated impact the fuel subsidy removal would have on the sub-sector.
Dr. Fasanya explained that While expecting more deliberate and coordinated supports from other key stakeholders, SMEDAN was already implementing support systems that can serve as the launch-pad for MSMEs development.
According to him, the Agency’s interventions essentially seek to address the challenges that bother on capacity building, advocacy, access to finance, technology, markets, raw materials, data and putting in place appropriate policy framework.
