Mr Noma Iguisi, Edo Chairman, Nigeria Association of Small Scale Industrialists (NASSI) has said that Micro Small and Medium-sized Enterprises (MSMEs) were pivotal to Nigeria’s economy recovery.

Iguisi stated this during an interactive session with journalists in Benin to mark the MSMEs Day, celebrated on June 27, every year.

The 2024 theme, according to him, is, “Leveraging Power and Resilience of MSMEs to Accelerated Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”

He said MSMEs boasted over 17 million enterprises and accounted for more than 90 per cent of businesses as well as employing over 80% of the workforce in the country.

He noted that leveraging the strength of MSMEs could steer significant change in the country by driving economic stability and improving the overall quality of life of the populace.

“As Nigeria grapples with a multitude of crises including insecurity, food shortages, inflation, and rising unemployment, the resilience and power of MSMEs are crucial for driving sustainable development and eradicating poverty.

“For this to happen, the Nigerian government must implement policies and intervention programmes that bolster the growth of this vital sector.

“Easy access to finance, improved electricity supply, market access, and an enhanced ease of doing business environment are essential”, he said.

He said that such measures would empower MSMEs to employ more people and substantially contribute to the nation’s economy.

“If every enterprise in Nigeria were to employ just one additional person, it could potentially create over 17 million new employment opportunities.

“This would lead to a considerable reduction in the unemployment rate, addressing one of the primary causes of insecurity and poverty.

MSMEs Day is celebrated to raise awareness of the contributions of enterprises to the achievement of the Sustainable Development Goals.