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We must remove barriers to MSMEs growth – Aganga

By BusinessNews Staff on November 18, 2014

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has highlighted the need to remove the barriers impeding the growth and development of micro, small and medium enterprises in the country.

The minister noted that the MSMEs played a crucial role in creating jobs in the country, stating that they accounted for more than 45 per cent of the country’s rebased Gross Domestic Product of $510bn.

Aganga, who spoke at the 2014 West Africa EY Entrepreneur of the Year in Lagos, stressed the need to recognise their contribution to social and economic development.

“These are people who create jobs. Anyone who employs people, whether it is 10 or 20 people, must and should be celebrated particularly in this country. As you know, the SMEs are the key drivers of the economy.”

He said in the country today, based on a 2010 survey, there are about 17 million SMEs employing more than 32 million people, accounting for more than 75 per cent of the workforce.

“After the rebasing of the economy, MSMEs as the informal sector, account for more than 45 percent of this country’s N510bn GDP. When you look at the job created between the third quarter of 2012 and the end of 2013, out of 1.9 million jobs created, 66 per cent came from the informal sector,” Aganga said.

“That tells you how important the SMEs are here in this country, and that is why for the first time in the history of this country, the President decided that we must treat these SMEs as a sector.”

[Punch]

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