MSMEs to leverage technology for growth, expansion – Experts

This was made known at a capacity development training for 1000 Micro, Medium and Small Enterprises, (MSMEs) in the Lagos East Senatorial district.

The one-day MSME Clinic/Workshop, which was organised in conjunction with The Fate Foundation, had notable people in the MSMEs ecosystem in attendance, which include Managing Director, BoI, Olukayode Pitan; Executive Chairman, Lagos State Inland Revenue Service (LIRS), Ayodele Subair; Executive Secretary and Lagos State Employment Trust Fund, Mrs. Tejumola Abisoye, among others.

Specifically, Abiru who is the Chairman, Senate Committee on industries stressed the importance of embracing the new normal occasioned by the COVID-19 pandemic, saying that this would enable businesses to thrive beyond the shore of the country.

Highlighting the critical roles MSMEs play in the nation’s economic development, the Senator said MSMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development, adding that they represent about 90 per cent of businesses and more than 70 per cent of employment worldwide.

“Formal SMEs contribute up to 40 per cent of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. The latest SMEDAN/NBS MSME Survey indicates Nigeria’s SMEs contribute nearly 50 per cent of the country’s GDP and account for over 80 per cent of employment in the country.