An analysis by Chinyere Joel-Nwokeoma, News Agency of Nigeria (NAN)
The Small and Medium Enterprises (SMEs) sector is considered the backbone of any economy as it contributes massively to employment and export growth.
A recent survey conducted by PriceWaterCoopers said SMEs accounted for 91 per cent of businesses, 60 per cent of employment and contributed 52 per cent of the total Gross Domestic Product (GDP) in South Africa.
The survey also showed that SMEs contributed 48 per cent of national GDP, accounted for 96 per cent of businesses and 84 per cent of employment in Nigeria.
Lending credence to that report, the National Bureau of Statistics said SMEs contributed about 48 per cent to Nigeria’s GDP in the last five years.
It noted that with a total of about 17.4 million, SMEs accounted for about 50 per cent of industrial jobs and nearly 90 per cent of the manufacturing sector, in terms of number of enterprises.
However, in spite of the significant contribution of…
Source: News Agency of Nigeria
