MSMEs converge for economic growth, stability

Stakeholders in the Micro, Small and Medium Enterprises (MSMEs) sector on Tuesday converged to discuss progress and challenges.

 

The News Agency of Nigeria (NAN) reports that the stakeholders gathered at the 2025 MSME Fair, organised by the Nigeria Employers’ Consultative Association (NECA) in Lagos.

 

The theme was ‘Galvanising MSMEs for Economic Growth and Stability’.

 

NECA’s Treasurer, Mr Richard Ayibiowu, highlighted the importance of MSMEs in realising potentials.

 

“The whole essence of MSMEs is to ensure people realise their potentials and convert them into practical realities,” Ayibiowu said, adding it benefits individuals and stakeholders.

 

Ayibiowu explained that MSMEs take people “from frustration domain into a zealous environment” where they can demonstrate their capabilities and create value for the economy.

 

The fair stimulated potential and created awareness about enablers, including finance, market access, and infrastructure. Knowledge sharing was also crucial, Ayibiowu noted.

 

“We want to enlighten them about enablers to realise objectives, such as finance, markets, and infrastructure,” he said, highlighting the importance of galvanising resources.

 

Keynote speaker, Mrs Adenike Adeyemi, emphasised understanding MSMEs’ potential beyond size, focusing on productivity and competitiveness through infrastructure and access to capital.

 

“The way forward is to enhance productivity and competitiveness by investing in right infrastructure, ensuring power supply, and resolving security issues,” Adeyemi said.

 

Adeyemi added that creating platforms to increase access to capital and leveraging opportunities within the AFCFTA would also be beneficial for MSMEs.

 

The Country Director, ILO, Ms Vanessa Phala-Moyo, stressed the need for MSMEs to respect human rights, eliminating child labour for inclusive and sustainable development.

 

“Eliminating child labour is not merely a moral imperative; it’s a business necessity and pathway to sustainable economic transformation,” Phala-Moyo said.

 

Phala-Moyo added that building businesses free of child labour would safeguard reputation, expand market opportunities, and contribute to a more prosperous and equitable Nigeria and Africa.

 

“Every child deserves the opportunity to learn, grow, and reach their full potential; every enterprise has the power to make that future a reality,” she said.