NIGERIA’S INFORMAL SECTOR: MSMES OPERATION DROP BY 4.5 TO 39.65M

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At least, 39,65 million micro, small and medium enterprises operated in Nigeria as of December 2020 as against 41.54 million that were in existence in 2017, indicating a decrease of 4.5 per cent.

This is contained in a report jointly released by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics in Abuja in the week.

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A breakdown of the figures showed that micro enterprises accounted for 38.41 million, while the total number of small and medium enterprises stood at 1.24 million representing 3.1 per cent.

According to the report, MSMEs in Nigeria contributed 46.31 percent to the country’s gross domestic product, GDP and accounted for 96.7 per cent of businesses.

The report similarly revealed that MSMEs accounted for 6.21 per cent of gross exports during the year under review.

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