The number of micro, small and medium scale businesses in Nigeria grew by 12 percent to 41.543 million in 2017 from 37.067 million in 2013, the latest National Survey of Micro Small & Medium Enterprises (MSMEs) jointly conducted by National Bureau of Statistics (NBS) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has revealed.

The report released last week stated: “The total number of MSMEs as at December 2017 stood at 41,543,028 micro enterprises (MEs): 41, 469,947; small and medium enterprises (SMEs): 73,081. The sectors’ total employment contribution stood at 59,647,954 persons, including owners, as at December 2017, representing 86.3 percent of national workforce, contributing 7.64 percent of export receipts.

By contrast, the total number of MSMEs as at 2013 stood at 37,067,416 – MEs 36,994,578; SMEs 72838. Also, the total number of persons employed by the MSMEs sector as at December 2013 stood at 59,741,211, representing 84.02 percent of the total labour force, while the sector’s contribution to export stood at 7.27%.

At the unveiling of the survey in Lagos, Director General, SMEDAN, Dr. Umaru Dikko Radda, noted that the report is an invaluable compendium on the state of the MSMEs sub-sector in the country.