Nigeria’s Small and Medium Enterprises (SMEs) are the unsung heroes of its economy, forming the backbone of the business landscape and driving significant growth. According to Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), these enterprises constitute an impressive 96% of all businesses in Nigeria. Their impact extends far beyond their sheer number, as they contribute a substantial 48% to the nation’s Gross Domestic Product (GDP) and provide livelihoods for a remarkable 84% of the country’s workforce.
Speaking at the inauguration of the D-8 SME Centre in Abuja, Odii underscored the pivotal role of SMEs in achieving broader economic objectives and advancing the Sustainable Development Goals (SDGs). He emphasized that empowering these enterprises is essential for poverty alleviation, creating decent work opportunities, promoting gender equality, and fostering innovation across various industries.
The decision to establish the D-8 SME Centre in Nigeria is a testament to the country’s growing influence and leadership in championing the cause of SMEs within the Global South. Odii highlighted that this choice reflects a recognition of Nigeria’s vibrant entrepreneurial spirit, its resilience in the face of challenges, and its commitment to fostering a supportive ecosystem for small and medium-sized businesses. The center is poised to become a hub for knowledge sharing, capacity building, and collaboration, further amplifying the impact of SMEs on Nigeria’s economic trajectory and solidifying its position as a regional leader in SME development.
