Banking Briefs
IFIE Sekibo, managing director, Heritage Bank Plc, has called for increased support for Micro, Small and Medium Scale Enterprises, MSMEs in order to achieve the country’s quest for double digit economic growth. He said increasing support to MSMEs, given their dominant role in the economy will help to leapfrog Nigeria to double digit Gross Domestic Product, GDP growth rate.
Noting the improvement in the country’s GDP growth rate to 2.27 percent in 2019 from 1.91 percent in 2018, Sekibo highlighted the importance of MSMEs contributions to the nation’s economy. “Nigeria has 41.5 million MSMEs which contributed about 48 percent of the GDP in the last five years. With a total number of about 17.4 million, MSMEs account for about 50 percent of industrial jobs and nearly 90 percent of the manufacturing sector, in terms of number of enterprises in the country,” he said.
Sekibo said for Nigeria to achieve its aim as giant of Africa or as an economy to be reckoned with in the world, a lot of mileage needs to be covered in the SMEs sub-sector.
– Mar. 13, 2020 @ 20:55 GMT |
Tags: Heritage Bank seeks support for MSMEs
