SMEs: Stakeholders Lament Lack Of Adequate Power Supply

Stakeholders in Small and Medium-Scale Enterprises have identified poor power supply and multiple taxations as major issues affecting the growth of SMEs in Nigeria.

The stakeholders who urged the government to do more in providing basic electricity spoke at a media interaction with the executive members of the Nigerian Association of Small and Medium Enterprises ahead of its 25th-anniversary lecture and awards night scheduled to hold in Uyo in November.

Dr Abdulrashid Yerima, the President and Chairman of Governing Council of the Nigerian Association of Small and Medium Enterprises who spoke at the press briefing said despite all the challenges plaguing the economy, SMEs remained the bedrock of Nigeria’s Gross Domestic Product.

“MSMEs’ development is of critical importance to productivity and realisation of the country’s economic diversification.

"We can increase our GDP today as we are all aware and it accounts for 94 per cent of global businesses.

"And it also accounts for 85 per cent of global employment.

“MSMEs is indeed the most important determinant of social, economic growth, wealth creation, employment generation and overall standard of living.”

Reacting to the recent flooding on SMEs in Nigeria, Otunba Gbemisola Oduntan, the Deputy President of South, Nigerian Association of Small and Medium Enterprises said that nothing had been done by the authority for those whose farm produce had been destroyed by the flooding.