The Nigerian Association of Small Scale Industrialists (NASSI) recently raised the alarm over the rapid closure of nano, micro, small
The Nigerian Association of Small Scale Industrialists recently raised the alarm over the rapid closure of nano, micro, small and medium-scale enterprises . The association said it has lost over 30 per cent of its members in one year due to the challenging business environment. Also, stakeholders in the MSME space have expressed concern that if nothing is done urgently to stem the tide as much as 20 per cent of MSMEs will be forced to shut down in the next one year, TOBI AWODIPE reports.
MSMEs are the pillars and the life wire of the Nigerian economy, playing a critical role in its growth and survival.
Adding that of the 40 million SMEs in the country, at least 10 million have gone under in the last two years, he expressed worry that even more will go under if care is not taken. On the allegation that many businesses are still reliant on imported materials, he said this is not very true. National President of the Association of Small Business Owners of Nigeria , Femi Egbesola on his part, said that according to the National Bureau of Statistics , over two million MSMEs have gone under in the last 24 months.
He said MSMEs are the drivers of the economy, contributing over 50 per cent to the country’s GDP and employing about 87 per cent of the nation’s workforce. “When the driver of the economy is sick and the government refuses to support that driver, then the economy will be sick and until the situation is dealt with appropriately, we will continue going around in circles,” he said.
“Pending when the promised reforms would see the light of day, all the different reliefs that were promised to businesses- single digit loans, tax and levy waivers, grants and so on, should come into effect immediately so that we can save the remaining MSMEs still managing to operate.”
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