Micro, Small and Medium Enterprises (MSMEs) are major drivers of socio-economic transformation in both the industrialised and developing world. According to estimates by the International Council for Small Business (ICSB), they make up over 90% of business globally, 60% of global employment, and half of the Gross Domestic Product (GDP) of any economy. In Sub-Saharan Africa, Micro Small and Medium Enterprises account for over 95% of all business.
In Nigeria, many privately-run businesses are MSMEs. According to a recent national survey by the National Bureau of Statistics (NBS), there are a total of 41.5 million MSMEs in the country that provide 59.6 million Nigerians with employment – thereby making up over 85% of the national workforce. Citizens majorly drive these MSMEs at the bottom of the economic pyramid – many of whom start these enterprises as a means of survival. The rising unemployment rates in the country has further created a situation of rising inflation as well as the downsising of major corporations. As a result, the number of people going into business – mainly small and micro businesses as a means of survival continues to rise.
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