Nigeria’s MSMEs key to trillion-dollar economy—BOI

The Bank of Industry (BOI) has assured investors of strengthened market discipline and stability as it intensifies support for micro, small, and medium enterprises (MSMEs) across Nigeria.

The Executive Director, Micro, Small and Medium Enterprises (MSMEs), Edu Oluwatoyin, gave the assurance on Tuesday in Kano during a stakeholders’ meeting themed “Unlocking Growth: Harnessing the Capital Market for SME Growth”.

He reaffirmed the critical role of MSMEs in driving Nigeria’s economic growth, describing them as pivotal to achieving a trillion-dollar economy.
Mr Oluwatoyin addressed concerns about restoring investor confidence, saying, “Measures have been put in place to ensure that the negative practices of the past no longer occur.”

He said that despite global tensions, including conflicts involving Iran, Israel, and the United States, Nigeria’s capital market has remained resilient.

“This is because of all the measures implemented to curtail poor practices and other behaviours that used to affect the market,” he said.

Mr Oluwatoyin highlighted the strategic role of MSMEs in driving Nigeria’s economic growth, pointing out that the vast majority of businesses in Nigeria are MSMEs.

“They contribute over half of the country’s GDP. If we want to kickstart the Nigerian economy and drive it toward a trillion-dollar economy, MSMEs are the focus area,” he said.

The BOI official further noted that the market trajectory remains positive and disciplined, signalling confidence that Nigeria is on a path toward sustainable economic growth.

Earlier, the chief executive officer of Nigerian Exchange Limited (NGX), Jude Chiemeka, highlighted the exchange’s progress in non-interest finance, particularly its focus on women and investors in Northern Nigeria.

Mr Chiemeka said the exchange was leveraging technology, partnerships, and investor education to expand access to financial instruments.

“We are doing a lot. The exchange is a multi-asset platform, so we focus on different asset classes. Technology and partnerships form a major part of our strategy, along with investor education and product creation,” he said.

He added that NGX partnered with the Islamic Development Bank to provide knowledge and collaboration for capital raising through non-interest means.