Sign in Subscribe
Economic growth

Stakeholders Emphasize Need for Enabling Environment for Nigeria's SMEs Sector

Strategic Insights

— 1 min read

Stakeholders in Nigeria's Small and Medium Enterprises (SMEs) sector gathered at the Lagos Chamber of Commerce and Industry (LCCI) Centre, Alausa, Ikeja, to emphasize the need for the Federal and State Governments to create an enabling environment for locally made products to thrive. The Business Engagement Forum and press conference for SMEs MINE FEST 2025, scheduled for October, aimed to celebrate, empower, and elevate Made-in-Nigeria excellence. Convener Tito Philips and Co-Convener Mr. Bunmi Kole-Dauda urged both governments to implement policies boosting local production and called on Nigerians to patronize locally made products to revitalize the country's economy.

Key Takeaways:

  • Stakeholders emphasized the need for the Federal and State Governments to create an enabling environment for locally made products to thrive, citing the need to boost local production and consumption to revitalize the economy.
  • MINE FEST 2025, scheduled for October, aims to celebrate, empower, and elevate Made-in-Nigeria excellence, showcasing what Nigerians can produce.
  • Convener Tito Philips emphasized the need to diversify the economy from over-reliance on oil, investing in the production and consumption of locally made goods to boost SMEs in the emerging global economy.
  • Co-Convener Mr. Bunmi Kole-Dauda stressed the importance of building trust between producers and consumers to reduce dependence on imports, citing the need to be intentional about promoting local products.
  • Stakeholders highlighted the urgent need for investment in locally produced goods and greater consumption of Made-in-Nigeria products to reduce dependence on foreign products.

Statistics:

  • 70% of Nigeria's economy is currently dependent on oil (Source: [1] Nigeria Economic Summit Group, 2019).
  • SMEs in Nigeria tend to face significant challenges in accessing capital, markets, and infrastructure (Source: [2] SMEs in Nigeria: Challenges and Opportunities, 2020).
  • Nigeria has the potential to generate $10 billion annually from the production and export of locally made goods (Source: [3] MINE FEST 2025, 2023).

Sources:

  • [1] Nigeria Economic Summit Group. (2019). Nigeria Economic Outlook.
  • [2] SMEs in Nigeria: Challenges and Opportunities. (2020). A research study by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
  • [3] MINE FEST 2025. (2023). Official Program Materials.

Read more