The Nigerian Association of Small Scale Industrialists highlights the daily closure of Micro, Small, and Medium Enterprises (MSMEs) due to the challenging business environment in the country. This concern was raised at the 2023 ‘Made in Nigeria’ NASSI Trade Fair in Lagos.
Peter Popoola, the Vice Chairman of the Lagos chapter of the association, emphasizes the significant potential of MSMEs in contributing to the national economy. However, he notes that numerous hurdles hinder these enterprises from flourishing.
Popoola stresses the critical role of small-scale enterprises, which account for over 50 million businesses in Nigeria. They are vital contributors to employment opportunities. Unfortunately, the current economic conditions pose severe challenges for these enterprises. Rising raw material costs and the inability to sustain operations with generators are among the key issues.
Gertrude Akhimien, the Lagos State chapter chairman of NASSI, underscores the purpose of the trade fair – to showcase the quality of locally-made products. This platform aims to bolster producers by presenting their goods for public assessment. Akhimien highlights that visibility and appreciation of these products can lead to partnerships with distributors and increased accessibility to the public.