Micro, Small and Medium Enterprises (MSMEs) account for 96% of companies in Nigeria, contribute 48% to the nation’s Gross Domestic Product (GDP) and supply 87% of employment, in accordance to the Minister of State for Industry, Sen. John Owan-Enoh.
Owan-Enoh disclosed this on Sunday evening in Calabar throughout a city corridor assembly with enterprise operators organised by the Directorate of Manufacturing and MSME of the All Progressives Congress (APC) Presidential Campaign Council.
He described MSMEs because the spine of the Nigerian financial system, saying their contribution to nationwide productiveness, employment and financial development couldn’t be over-emphasised.
MSMEs drive financial exercise
Owan-Enoh mentioned the dimensions of MSME participation within the financial system underscored the significance of supporting small companies and bettering their working atmosphere.
- “If you look at the MSME ecosystem and appreciate the fact that about 96 per cent of businesses in our country are MSMEs, contributing about 48 per cent to our GDP and 87 per cent to employment, then you begin to wonder what else is left,” he mentioned.
- “MSMEs are actually our economy. You all who are seated here are actually the economy of Cross River and Nigeria,” he added.
He famous that the city corridor assembly marked the primary public outing of the Directorate of Manufacturing and MSME forward of the APC presidential marketing campaign rally within the state.
Cross River strengthens help for small companies
The minister counseled the Cross River State Government underneath Governor Bassey Otu for reviving the Micro-Enterprise Development Agency (MEDA), describing it as an vital step in the direction of supporting small companies.
- He mentioned the state authorities was additionally collaborating with federal businesses, together with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry (BOI) and Nigerian Export-Import Bank (NEXIM), to strengthen enterprise help programs.
- Owan-Enoh listed federal authorities interventions within the state, together with an automotive coaching centre on the University of Cross River, a Compressed Natural Gas (CNG) conversion workshop and a 65-kilowatt solar-powered electrical automobile charging station on the University of Calabar.
He additionally disclosed {that a} Memorandum of Understanding (MoU) had been reached with a South Korean workforce in the direction of electrical automobile manufacturing within the state.
Government steps to enhance MSMEs and manufacturing
The Federal Government has launched a number of initiatives geared toward strengthening small companies, increasing native manufacturing and bettering worth addition throughout Nigeria’s agricultural sector.
The Bank of Industry additionally unveiled an €85 million financing facility in July 2026 to increase Nigeria’s cocoa processing business, strengthen native worth addition and scale back dependence on uncooked cocoa exports.
