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MSMEs Grew To 41.5m In 2017 – NBS

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The Micro, Small & Medium Enterprises (MSME) has grew to 41.543 million in 2017, according to the National Survey of Micro Small & Medium Enterprises (MSMEs).

The National Survey of Micro Small & Medium Enterprises (MSMEs) 2017 launched yesterday in Lagos, was conducted by the National Bureau of Statistics (NBS), showed that the total number of enterprises as at December, 2017 stood at 41.543 million.

Micro, Small, and Medium Enterprises (MSMEs) play a significant role as the engine for economic transformation and industrialisation for both developed and developing countries.

The 2017 National Survey of MSMEs covered enterprises in Nigeria employing below 200 persons, which are MSMEs and was conducted in all the 36 states of the federation and FCT.

The survey also showed that micro enterprises which employed less than 10 employees stood at 41.469 million, representing 99.8 per cent, small enterprises employ 10 to 45 staff, 71,288 or 0.17 per cent, while Medium enterprises with 50 to 199 staff was 1,793 or 0.004 per cent. While Lagos State had the highest numbers of enterprises across all classes, only three states, Katsina (36.4 per cent), Rivers (21.7 per cent) and Kaduna (18.l per cent) recorded significant increases in enterprise numbers.

Speaking at the launching yesterday, the director-general of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Umaru Radda, said the setting up of SMEDAN in 2003, was government’s major response to tackling the problems of MSMEs in a coordinated fashion.

He stated that with a mandate to promote the development of the MSMEs sub-sector of the Nigerian economy, SMEDAN assumed the twin roles of coordination and facilitation as the apex agency for MSMEs development.

He noted that in getting accurate statistics about the sub-sector in Nigeria, the association commenced strategic partnership with the NBS.

Radda noted that the survey showed that the sub-sector has contributed to the country’s GDP and an increase in exports, saying the country has over 41 million MSME, which has increased from 37 million in 2013, increasing by three million, which is a clear indication that Nigeria economy was growing.

Also, the Statistician General of the Federation/CEO NBS, Dr. Yemi Kale, stated that the survey which was supposed to be released in the fourth quarter of last year was delayed as a result of the election.

He pointed out that micro and small medium enterprises increased during the period, but medium scale enterprises dropped, which can be attributed to the economic recession the country witnessed in 2017.

He noted that, “There is a need for the government to pay a lot of attention to micro businesses because they have the largest share of employment, contributed to GDP growth and have the opportunity to create more jobs.

“During the period micro business grew to 41 million and if we can get half of them to produce one job, we will have 20 million jobs created, which is significant.”

He stated that the sub-sector has huge potential and government should pay more attention on them than on large organisation, calling for a friendly government policy in the sub-sector.

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