Emefiele said: “Support for MSMEs’ financing is more critical now than ever given the need to boost Nigeria’s long-term growth trajectory since exiting recession in the second quarter of 2017. “About 96 per cent of enterprises operating within these sectors are MSMEs. These enterprises account for an estimated 48 per cent of Nigeria’s nominal GDP, seven per cent of export and about 84 per cent of workforce. “Despite these contributions, however, MSMEs across the country continue to face structural drawbacks particularly due to their peculiar nature. Emefiele urged entrepreneurs to leverage their movable assets such as motorcycles, jewelries and sewing machines as collateral for start-up businesses or expansion of existing ones.

Source: The Guardian February 12, 2019 04:07 UTC