2024 World Micro, Small and Medium Enterprises (MSMEs) Day, 27th June 2024: a Nigerian born Health Economist, Dr Eric Oluedo, congratulates the Governor of Enugu state, Barr Peter Mbah, on his PRESIDENTIAL AWARD by the National MSMEs office of the Vice President of Nigeria, during the celebration of World MSMEs Day at Abuja for his excellent performance in empowering Ndi Enugu and beyond through MSMEs Sub-Sector. The Award is for his excellent performance in empowering Ndi Enugu and beyond through MSMEs sub-sector of the State economy.
The Deputy Chief of Staff of the President, Sen. Ibrahim Hadejia during the presentation of the Award, stated that “You have changed leadership strategy and brought innovation to leadership not only in Enugu State but in the entire South East region”.
The Theme for MSME Day 2024is “Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”
The United Nations declared June 27, as the day of MSMEs to enhance the contribution of small and medium-sized businesses across the world. According to the UN, MSMEs contribute to 90 per cent of businesses including 70 per cent of employment, and 50 per cent of the GDP across the world. MSMEs have been playing the role of the backbone of many nations, especially developing countries, contributing significantly to employment generation, poverty reduction, and economic growth. These small-scale industries operate in multiple sectors, including manufacturing, services, agriculture and trade that drive innovation, entrepreneurship and local development.
This day holds special significance for not just businesses but people across the world as it strengthens the economies, generates employment and helps eradicate poverty. It allows MSMEs to share their ideas and communicate, grow their prospects and create economic stability.
Despite MSME’s significance, it faces multiple challenges and the most basic is access to finance. According to International Finance Corporation (IFC) reports around 65 million firms comprising 40 per cent of formal MSMEs in the developing nations are still in financial need of $5.2 trillion annually. It is equivalent to 1.4 times the current level of global MSME lending.
