COVID-19: MSMEs’ Contribution To GDP Dips To 3.5% – NBS

Speaking during official release of results of the latest National Survey of Micro Small & Medium Enterprises jointly conducted by the NBS and Small and Medium Enterprises Development Agency of Nigeria conducted in 2020, the statistician-general of the federation, Dr Simon Harry, said that COVID-19 pandemic affected MSMEs in the country such that 53.2 per cent of SMEs and 37.3 per cent of Micro Enterprises were temporarily closed.

“The major reason reported for the closure was the total lockdown of the economy and restrictions in movements which consequently led to increase in cost of transportation,” he said. According to Harry, the total number of MEs was 38,413,420 while the total number of Small and Medium Enterprises was 1,240,965 .“In spite of the contributions of this sector to economic growth, there are still challenges hindering its rapid growth and development. Key among the challenges is the dearth of robust, timely and reliable data on MSMEs.

LEADERSHIP reports that Small and Medium Enterprises play a major role in most economies, particularly in developing countries. They account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90 per cent of businesses and more than 50 per cent of employment worldwide.

Formal SMEs contribute up to 40 per cent of national income in emerging economies. These numbers are significantly higher when informal SMEs are included. According to estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.

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