MSMEs account for 90% of businesses, 60 million jobs in Nigeria – Shettima

Nigeria's Vice President, Senator Kashim Shettima, has emphasized the critical role of Micro, Small, and Medium Enterprises (MSMEs) in the nation's economy, stating they account for 90% of all businesses and provide employment for over 60 million Nigerians. He asserted that the current administration is committed to fostering a sustainable, enterprise-led Nigeria where economic opportunities are decentralized for equitable prosperity.

Speaking at the 8th National MSME Awards in Abuja, Shettima, represented by the deputy chief of staff to the president, Senator Ibrahim Hassan Hadejia, outlined the government's vision. This includes building an ecosystem that nurtures innovation, provides essential infrastructure, and removes historical barriers hindering small businesses. "Nigeria needs your ideas, your jobs, and your leadership," he told entrepreneurs, assuring them of continued government support.

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Nigeria needs your ideas, your jobs, and your leadership. I have no doubt that the federal government, along with state governments and our private-sector partners, will continue to build an enterprise-led nation where creativity is rewarded, small businesses grow into conglomerates, and prosperity is shared by all.

Shettima described MSMEs as the "engine room" of the country, transforming communities and improving livelihoods through the prosperity they generate. He noted that a central pillar of President Tinubu's Renewed Hope Agenda is creating an enabling environment for these enterprises to thrive, moving beyond just grants and loans. The administration has focused on initiatives like the Expanded National MSME Clinics, which connect business owners with regulatory agencies and financial institutions, and the establishment of 21 shared infrastructure facilities offering access to high-speed internet, modern machinery, and collaborative spaces.

These facilities, including digital hubs and shared production spaces, have already supported the creation of an estimated 650,000 jobs. The Vice President also touched upon efforts to improve financial access for these vital businesses, indicating ongoing progress in that area.

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90 per cent of all Nigerian businesses are MSMEs. They are the largest employers of labour in this country, providing jobs for over 60 million of our people. Through bold and innovative ideas, and through sweat and courage, our MSMEs are improving the livelihoods of Nigerians and transforming our communities through the prosperity they create.