Charles Odii, Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), has highlighted the critical role of Small and Medium Enterprises (SMEs) in Nigeria’s economy. According to Odii, SMEs constitute a staggering 96% of all businesses in the country, contribute 48% to the nation’s Gross Domestic Product (GDP), and provide employment for 84% of the workforce.
Odii made these remarks at the launch of the D-8 SME Centre in Abuja, emphasizing that fully harnessing the potential of SMEs is essential for realizing the economic aspirations of D-8 member states. He further stressed that empowering SMEs directly supports the achievement of several Sustainable Development Goals (SDGs), particularly those related to poverty alleviation, the promotion of decent work, the advancement of gender equality, and the fostering of industry innovation.
The decision to establish the D-8 SME Center in Nigeria, Odii stated, is not merely symbolic. It represents a clear acknowledgment of the dynamism, innovation, and resilience that characterize the Nigerian entrepreneurial spirit. Furthermore, it signifies an endorsement of Nigeria’s increasing leadership role in championing the cause of small and medium enterprises across the Global South. This underscores Nigeria’s importance as a hub for SME development and a key player in driving economic growth through entrepreneurship.
