Vice President Kashim Shettima has restated that micro, small and medium enterprises remain central to the federal government’s economic agenda, noting their role in driving growth and employment. According to him, MSMEs account for more than 96 percent of businesses in Nigeria, contribute nearly half of the nation’s GDP and employ over 84 percent of the workforce.
He made this known in Abuja at the launch of the 2025 Nigerian Informal Economy Report and the unveiling of Nigeria’s first Informal Economy AI Chatbot by Moniepoint, an event marking the fintech company’s ten years of advancing financial inclusion and business support.
Represented by the Minister of Industry, Trade and Investment, the Vice President praised Moniepoint’s role in expanding digital financial services and supporting over ten million small businesses and individuals across the country. He assured that the government remains committed to enabling MSMEs through policies that promote access to finance, innovation and digital adoption.
The report, produced with support from the International Finance Corporation, the Federal Ministry of Industry, Trade and Investment, and SMEDAN, highlighted both progress and growing pressure within the informal economy.
While 65 percent of surveyed businesses reported revenue increases, only 47 percent recorded higher profits due to rising operational costs. It further revealed that 38 percent of business owners earn below ₦10,000 daily and 42 percent lack the savings to survive a month without income.
Moniepoint Managing Director Babatunde Olofin said the findings underscore the resilience of informal businesses despite structural challenges, limited financing and low digital literacy. He noted that Moniepoint will continue to provide affordable credit and digital tools to strengthen small enterprises and enhance financial stability.
The report concluded that with stronger policy support and scalable interventions, MSMEs can propel inclusive growth and sustain Nigeria’s economic recovery.
