The Federal Government has highlighted the importance of Micro, Small and Medium Enterprises to Nigeria’s economy, stating that the businesses account for approximately 96 per cent of enterprises and generate about 87 per cent of employment nationwide.

The figures underline the critical role small businesses play in supporting livelihoods, creating jobs and driving economic activities across different sectors.

Government officials have emphasised the need to strengthen the business environment for entrepreneurs, particularly through improved access to financing, capacity development and supportive policies.

MSMEs continue to face challenges such as high operating costs, limited credit facilities, inadequate infrastructure and difficulties accessing larger markets.

The government has reiterated the importance of supporting small businesses as part of broader efforts to promote entrepreneurship, expand employment opportunities and achieve sustainable economic growth.