FG Boosts Support for SMEs to Tackle Trade Challenges and Enhance Export Competitiveness
The Federal Government has reaffirmed its commitment to supporting small and medium enterprises (SMEs), which account for over 48% of Nigeria’s GDP and provide more than 80% of employment. The government’s pledge, made during an interactive forum, focuses on helping SMEs overcome barriers to competing in international markets and expanding Nigeria’s non-oil export sector.
During the forum, Abubakar Abba Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), highlighted the government’s strategy to diversify the economy beyond oil. “We are still earning 95% of foreign exchange from oil, yet our local economy has a more diversified base. We aim to replicate that success in exports by strengthening non-oil sectors and boosting their global competitiveness,” Bello said.
Officials at the event outlined several challenges facing SMEs, including the export of raw materials without value addition and persistent delays at Nigerian ports. To tackle these issues, NEXIM has established dedicated MSME clinics designed to provide direct support and guidance to small business owners, ensuring they can access the resources needed without bureaucratic hurdles.
Port inefficiencies have been identified as a significant barrier for exporters, often causing delays that last weeks and lead to financial losses and missed market opportunities. Government representatives assured attendees that reforms are underway to streamline export processes and improve logistical efficiency, making it easier for SMEs to participate in global trade.
The forum emphasized three critical pillars for SME success in international markets: access to adequate financing, adding value to raw materials, and efficient export procedures. The discussions underline the government’s broader objective of fostering entrepreneurship, strengthening local industries, and positioning Nigerian SMEs as competitive players in the global economy.
source: The Guardian