The Minister of Industry, Trade and Investment, Doris Anite, has emphasised the critical role of micro, small, and medium enterprises (MSMEs) in driving Nigeria’s economic growth and job creation.

Ms Anite, represented by the ministry’s permanent secretary, Nura Rimi, highlighted this at a retreat organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Abuja on Friday.

The event, themed “Grow Nigeria: Repositioning MSMEs for Sustainable Growth and Development,” brought together stakeholders nationwide.

Ms Anite said that despite the sector’s contribution, it faced multiple challenges, such as access to finances, capacity deficits, technological gaps, skill development, market access, and opportunities.

“This sector accounts for 90 per cent of businesses, 60 per cent to 70 per cent of employment, and 50 per cent of GDP worldwide.

“In Nigeria, the MSME sector accounts for 39.6 million businesses, contributes approximately 43.6 to GDP, and employs more than 61 million people.

“This indicates clearly that the future of sustainable economic growth and development is squarely on this sector,” she said.

While acknowledging the sector’s crucial role, Ms Anite expressed the ministry’s commitment to continue aligning with SMEDAN to actualise the sector’s objectives.

Also, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, said MSMEs were essential for job creation and driving innovation, local industrialisation, and inclusive growth.

Ubokutom Nyah, the mandate secretary of the Economic Planning, Revenue Generation and Public-Private Partnership Secretariat, FCTA, represented Mr Wike.

He said the FCT was uniquely repositioned as a hub of commerce and innovation to support MSME growth through targeted infrastructure improvements, business-friendly policies, and strategic partnerships.

“To reposition MSMEs for sustainable growth, we must focus on three key pillars: access to finance and investments; capacity building and innovation; and market expansion and export opportunities.

“The FCT administration is working tirelessly to create a productive environment for businesses to thrive. We are reducing democratic bottlenecks, enhancing the ease of doing business, and investing in critical infrastructure,” he said.

Earlier, SMEDAN director-general Charles Odii said that with the retreat, the agency would refocus on growing the MSME ecosystem, guided by the “GROW Nigerian” strategy.

(NAN)