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The United Nations has made a strong appeal for greater investment in Nigeria’s Micro, Small, and Medium Enterprises (MSMEs), recognizing their vital role in driving inclusive economic growth and reducing poverty. This call was made during the 2025 International MSMEs Day celebration held in Abuja.
The event, which gathered government officials, business leaders, development agencies, and entrepreneurs, focused on empowering MSMEs through policy support, financial access, and digital innovation. UN representatives emphasized that over 90% of businesses in Nigeria are MSMEs, yet many still face significant challenges such as limited funding, inadequate infrastructure, and complex regulations.
UNDP Resident Representative in Nigeria, Elsie Attafuah, highlighted the importance of MSMEs in national development. “MSMEs are the backbone of Nigeria’s economy. If we want to create jobs, reduce inequality, and build a resilient economy, we must invest in these businesses,” she said.
One major concern discussed was the difficulty MSMEs face in securing loans. Stakeholders urged Nigerian banks and financial institutions to ease lending conditions, offer lower interest rates, and expand financial inclusion, especially for youth and women-led businesses.
In addition, the UN advocated for improved digital tools, vocational training, and better infrastructure to support small businesses, particularly in rural areas. Strengthening partnerships between the government and private sector was also seen as key to boosting innovation and scaling businesses.
A new support framework was unveiled at the event, aimed at helping MSMEs grow across sectors such as agriculture, retail, and manufacturing. International partners pledged technical assistance and funding to ensure the plan's success.
As Nigeria continues to face economic challenges, empowering MSMEs may be the most sustainable way to promote job creation, inclusive growth, and long-term prosperity.
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