The Nigerian Economic Summit Group, working with the Federal Ministry of Budget and Economic Planning, has reinforced the role of Micro, Small and Medium Enterprises as the backbone of inclusive growth, job creation, and poverty reduction.
At a pre-summit dialogue on state-led reforms for MSME growth, participants examined how tailored policies at subnational levels are beginning to unlock new opportunities for small businesses. Success stories from Lagos, Enugu, and Plateau States were presented as evidence of what is possible when governments prioritise enterprise development. Lagos has rolled out affordable loans at a single-digit interest rate, achieving impressive repayment records that show small businesses are bankable when given fair access to credit. Enugu has used a data-driven approach to widen access to grants and improve transparency in allocation, while Plateau has deliberately placed MSMEs at the centre of its job creation strategy, ensuring that small enterprises are treated as engines of employment rather than informal bystanders in the economy.
Discussions at the dialogue highlighted four key priorities needed to scale these gains. First is the provision of affordable finance, supported by strong financial literacy programmes to help small businesses use capital effectively. Second is the creation of reliable data systems that can guide policymaking and make it easier for entrepreneurs to access support. Third is the removal of regulatory barriers that continue to stifle growth at state and local levels. Finally, participants underscored the importance of strengthening value chains through skills development and digital adoption, enabling MSMEs to compete and thrive in a modern economy.
The group stressed that replicating and scaling these reforms across all Nigerian states would unlock the full potential of MSMEs, boost productivity, and secure long-term development. For a country with millions of small enterprises operating across different sectors, consistent policies that encourage growth at the grassroots could prove decisive in building resilience and innovation.
Beyond Nigeria, the lessons carry weight for other African countries facing similar challenges. State-led or regional reforms tailored to local realities can offer small enterprises the enabling environment they need to grow, formalise, and create sustainable jobs. By prioritising MSMEs in national development strategies, African economies can build stronger value chains, foster inclusive prosperity, and reduce dependence on external shocks.
The dialogue set the tone for the upcoming national economic summit, where MSMEs are expected to feature prominently in discussions about how to secure Nigeria’s economic transformation. With coordinated reforms and a commitment to scale proven models, small businesses are being positioned not just as contributors, but as the driving force of national and continental growth.
