ABUJA, Nigeria (VOICE OF NAIJA)- The Nigerian Economic Summit Group (NESG), in partnership with the Federal Ministry of Budget and Economic Planning, on Thursday convened a high-level Pre-Summit Dialogue on “Driving State-led Reforms for MSME Growth.”
The virtual meeting brought together government representatives, private sector leaders, and development experts to explore how states can drive reforms that unlock the full potential of Micro, Small, and Medium Enterprises (MSMEs) widely regarded as the backbone of Nigeria’s economy.
Delivering the keynote address, Dr. Bunmi Kole-Dawodu, Director of SMEDAN Lagos, described MSMEs as not just the backbone but also the engine and oil of Nigeria’s economic growth, noting that they contribute nearly 50 percent of GDP and provide over 80 percent of jobs.
He explained that the governance framework for MSMEs is coordinated at the national level by the Vice President through the National Council on MSMEs, while state councils are chaired by governors.
Using Lagos as an example of a vibrant council, he called for more coordinated reforms across all tiers of government to maximize MSME impact.
The panel session, moderated by Dr. Weyinmi Eribo, NESG’s Thematic Lead on Access to Markets, highlighted successful practices from Lagos, Enugu, and Plateau States.
Panelists stressed that financing alone cannot sustain MSMEs without complementary reforms such as data-driven policymaking, business formalization, and better market access.
Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Ms. Feyisayo Ayanlade, outlined Lagos’ affordable financing model, which provides loans at 9% annual interest with a 92% repayment rate, supported by financial literacy, business training, and insurance initiatives.
Enugu SME Center DG, Mr. Arinze Chilo Offiah, underscored the importance of reliable data in building trust and shaping targeted interventions.
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Plateau State Microfinance Development Agency (PLASMIDA) DG, Hon. Bomkam Ali Wuyep, stressed that MSMEs remain the most effective tool for job creation, particularly in states with limited formal employment opportunities.
Dr. Tunde Ayeye, GMD of Init Facilities Services, urged policymakers to evaluate economic progress using people-centered indicators such as jobs, healthcare, and poverty reduction rather than abstract macroeconomic figures.
He emphasized the need for structural reforms that directly improve livelihoods.
Key recommendations from the dialogue identified four priority reform areas for states: expanding affordable financing, building reliable data systems, cutting regulatory bottlenecks, and strengthening local value chains through skills development, digital adoption, and improved market access.
The event served as a build-up to the 31st Nigerian Economic Summit (NES #31), themed “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” scheduled to hold later this year.
NES #31 is expected to further national discussions on bold reforms, strategic investments, and collaborative actions required to position MSMEs as engines of inclusive growth and long-term prosperity.