Researchers Explain the Reasons Why Nigeria Should Support the Micro, Small and Medium Scale Enterprises in Its Economy
In recent times, a growing body of research has underscored the indispensable role that micro, small, and medium scale enterprises (MSMEs) play in the sustainable growth and development of emerging economies. In Nigeria, a nation rich in human capital and entrepreneurial spirit, this research has taken on a renewed urgency, highlighting the multifaceted benefits of supporting these enterprises. MSMEs are not only the backbone of many economies, representing a vast majority of all business activities, but they also serve as vital engines of innovation, employment, and inclusive growth. For Nigeria, the imperative to nurture and support these enterprises is clear: doing so could catalyze transformative change across the nation’s economic landscape and promote a future of prosperity and stability. Economic studies from various emerging markets reveal that MSMEs constitute more than 95% of all businesses, contribute nearly 50% of the gross domestic product, and generate between 60% to 70% ...