Since 2017, micro, small and medium-sized businesses celebrate their day in recognition of their work in local and global economies. These enterprises, which generally employ fewer than 250 persons, are the backbone of most economies worldwide, and play a key role in developing countries.
According to the data provided by the International Council for Small Business (ICSB), formal and informal micro, small and medium-sized enterprises (MSMEs) make up over 90% of all firms, and account on average for 60-70% of total employment and 50% of GDP.
The General Assembly, recognising the importance of these enterprises, decided to declare June 27 the micro, small and medium-sized enterprises day to raise public awareness of their contribution to sustainable development.
This year the theme is Big Money for Small Business: Financing the SDGs, in a bid to raise awareness of the need for greater investment into small and mid-sized businesses in developing countries like ours.
The theme is very appropriate, because the major challenge for about 70% of SMEs is the inability to access funds easily for their businesses. The environment we operate in has made it quite difficult for the business owner to access loans, but with the introduction of investors, grants and partnerships, there is a whole lot more awareness and access to funding for businesses deemed sustainable.
Funding drives businesses. Truth be told, it is almost impossible to grow a business without funds. Personally, I believe that the growth of small and medium scale businesses in Nigeria will affect our economy positively and introduce Nigeria to the rest of the world, once the right funding is given to the entrepreneurs and business owners that require this for growth.
In Nigeria, there has been an entrepreneurial growth in the last decade, both as a result of passion and high unemployment rate. Either way, the MSME’s have contributed a whole lot to the society in various ways, some of which are:
Micro, small and medium sized businesses contribute to the employment of young and middle aged individuals in the society, thereby reducing the rate of unemployment in the county.
Entrepreneurs are innovators, always looking for something new to build, a new solution for existing problems in the society, which has led to greater development in our society.
Innovations such as Uber and Netflix have not only impacted the way we see transport and streaming, but the way we see the world in general.
Small and medium scale businesses contribute very positively to the economy by trading, importing, exporting, investing, etc.
Let us congratulate ourselves today! We are building businesses that will change Nigeria, Africa and the world at large.
Let’s go global!