Nigeria’s 40 million SMEs key to economic future, says Uzodimma
By the AFREEQUE newsroom, based on Vanguard
Illustrative image · Jagaba Denis · Pexels · Licence PexelsImo Governor Hope Uzodimma and business leaders said Nigeria’s 40 million micro, small and medium-sized enterprises (MSMEs), which account for nearly half of GDP and nine in ten jobs, hold the key to the country’s economic future. They called for the development of local economies at a dialogue in Lagos, according to Vanguard.
Rural areas of Nigeria account for 80% of the poor population, while 72% of rural residents live in poverty, compared with 42% in urban areas, Imo State Governor Hope Uzodimma said, citing National Bureau of Statistics data at an economic policy dialogue in Lagos, Vanguard reports.
Hope Uzodimma argued that development must reach communities facing the departure of young people to big cities. He called for stronger local infrastructure, access to affordable financing, electricity, digital skills and partnerships between government and the private sector, according to Vanguard.
The governor draws in particular on work by Andrés Rodríguez-Pose, professor at the London School of Economics, to warn that economic neglect of regions can fuel political unrest and encourage insecurity, Vanguard reports.
