According to the United Nations (UN), Small and medium-sized enterprises (SMEs) account for up to 90% of businesses, 60% to 70% of employment, and they account for half of the global GDP.
Over the last decade, by its sheer resilience, the Nigerian economy has survived two recessions and a global pandemic.
In addition, headwinds have manifested in the fallouts of global financial crises as well as new shifts in international arrangements which have sparked tensions and wars, such as the War in Ukraine.
For an economy such as Nigeria that is heavily vested in agriculture, extreme weather resulting from climate change has exacerbated domestic tensions due to scarcity of shared resources, even as these changes further undercut global harvests, lowering food production, increasing shortages, and causing prices and instability to rise.
As the world marks MSMEs Day 2023, WADR’s Usman Umar in Abuja, takes a look at the condition, challenges and prospects of MSMEs in the country in the context of fuel subsidy removal that is adding weight to the already obsessed cost of production and business sustainability.
Our Abuja Correspondent in Abuja Usman Umar put together this report.
