The number of medium scale enterprises in nigeria dropped by 60% in twenty seventeen to 1,793 despite the increase in the growth of micro, small and medium enterprises.
The Micro, Small & Medium Enterprises (MSME) has grew to 41.543 million in 2017, according to the National Survey of Micro Small & Medium Enterprises (MSMEs).
The National Survey of Micro Small & Medium Enterprises (MSMEs) 2017 launched on thursday in Lagos, was conducted by the National Bureau of Statistics (NBS) in collaboration with the small and medium enterprises development agency of Nigeria (SMEDAN), showed that the total number of enterprises as at December, 2017 stood at 41.543 million.
The statistician general of the federation Yemi Kale attributed the drop in medium enterprises to the economic recession witnessed in the year under review.
The survey also showed that micro enterprises which employed less than 10 employees stood at 41.469 million, representing 99.8 per cent, small enterprises employ 10 to 45 staff, 71,288 or 0.17 per cent, while Medium enterprises with 50 to 199 staff was 1,793 or 0.004 per cent. While Lagos State had the highest numbers of enterprises across all classes, only three states, Katsina (36.4 per cent), Rivers (21.7 per cent) and Kaduna (18.l per cent) recorded significant increases in enterprise numbers.
The director-general of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Umaru Radda, said the setting up of SMEDAN in 2003, was government’s major response to tackling the problems of MSMEs in a coordinated fashion.
Radda noted that the survey showed that the sub-sector has contributed to the country’s GDP and an increase in exports, saying the country has over 41 million MSME, which has increased from 37 million in 2013, increasing by three million, which is a clear indication that Nigeria economy was growing.