Speaker of the House of Representatives, Tajudeen Abbas, has stated that Nigeria’s goal of becoming a trillion-dollar economy depends heavily on the growth and empowerment of small and medium-sized enterprises (SMEs).
Speaking at the Enterprise Nexus Summit in Abuja, he emphasised that SMEs are central to the government’s economic agenda, noting that they already make up 84% of Nigerian businesses, contribute 48% to GDP, and represent 96.8% of registered firms, according to a 2024 PwC survey.
Abbas warned that half of Nigerian SMEs fail within their first year, mainly due to poor access to credit, inadequate infrastructure, limited technology, and weak management capacity.
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