NESG Calls for Support to Boost Nigeria's MSME Job Creation

The Nigerian Economic Summit Group (NESG) has stated that Micro, Small and Medium Enterprises (MSMEs) need access to patient, long-term capital and reduced regulatory burdens to become significant job creators in Nigeria. Ahead of the 32nd Nigerian Economic Summit (NES #32), the NESG noted that the MSME sector operates below potential due to limited finance access, high regulatory costs, infrastructure deficits, and challenges in transitioning from informal to formal operations.

The NESG emphasized that access to finance is a major barrier, and proposed mobilizing diverse sources of patient capital through development finance institutions, blended finance, and private-sector participation. Dr Tayo Aduloju, the NESG CEO, indicated that Nigeria requires at least N2 trillion in 2026 and 2027 to revitalize the MSME sector.

The NESG also suggested temporary interest-rate relief on credit for MSMEs to enhance financial access. The group stressed that formalization is crucial for small businesses to thrive and provide social protection to their workers.