Segun Kuti-George is the immediate past chairman of the Lagos branch of the Nigeria Association of Small Scale Industrialists. In this interview with EDIDIONG IKPOTO, he discusses the challenges faced by micro, small and medium businesses as well as the vital roles they play in economic development.
How crucial would you say MSMEs are to the Nigerian economy?
I would like to begin by saying that all over the world, Micro, Small and Medium Enterprises contribute immensely to the growth of nations’ economies. If we take America as an example, MSMEs represent about 60 per cent of their industries. If we look at India, China and other industrialised nations, MSMEs contribute around that percentage to their GDP.
You may wonder why that is so. It is so because MSMEs feed the large industries; they produce those small components and add value to agric products, turning them into raw materials for large industries.
When we come back home to Nigeria, according to…
