Nigeria currently has over 41m micro, small and medium enterprises, MSMEs and the right funding and capacity development along strategic value chains, could unlock economic growth and development in the country.

This was part of the key resolutions of stakeholders at the recent “BusinessDay Top 100 Fastest Growing SMEs in Nigeria” forum in Lagos.

In his opening remarks the Publisher of BusinessDay Mr. Frank Aigbogun believed vibrant MSMEs can play a key role in addressing Nigeria’s unemployment.

According to him the forum provided an opportunity for MSMEs to network and access opportunities that can enable them scale.

The keynote speaker at the event and Chief Economist, Development Bank of Nigeria Professor Joseph Nnanna noted that MSMEs have an annual financing gap of over N600bn, which serves as part of the challenges to their growth.

Citing a report from Price Waterhouse Coopers, PwC he said if over 50% of the MSMEs in Nigeria are adequately funded across sectors, this will translate to a productive economy.

He added that since inception in 2017, the DBN has supported MSMEs in the country to the tune of about N500bn in the country.

The event featured panel sessions that discussed topics like “Funding for SMEs”, “Digital Transformation for SMEs”, and “Understanding Tax for Small Businesses”.

It also featured an awards night and presentation for outstanding SMEs that have exceled across key sectors of the economy.