MSMEs backbone of the Nigerian economy, contribute 48% to GDP — Minister
By Seun Ibiyemi
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has described Micro, Small, and Medium Enterprises (MSMEs) as the cornerstone of the Nigerian economy.
Oduwole made this statement on Wednesday in Makurdi during the opening of the 2-day Benue Inventors and Entrepreneurs Exhibition 2025.
The minister noted that MSMEs contribute more than 48 per cent to the country’s Gross Domestic Product (GDP) and account for 96 per cent of businesses and 84 per cent of employment.
She explained that entrepreneurship is a fundamental driver of any thriving economy and urged Nigerians to continue striving in this sector.
Oduwole assured that the Federal Government is dedicated to implementing policies and initiatives that will reinforce the MSMEs.
She further pledged that the government would continue to focus on improving the ease of doing business.
“This is a call to action to persist in supporting your ingenuity. We commend your resilience and your determination to establish businesses that not only fulfil your needs within the community but also contribute to the broader economic landscape,” she said.
“The products on display today are a testament to your hard work and creative vision, and I am confident these products are ready to compete both locally and globally.”
“To the valued consumers and visitors here today, this exhibition presents an opportunity to experience first-hand the quality and innovation of locally-made products.
“By supporting these businesses, you are contributing to the growth of our national economy, creating jobs, and promoting sustainable development.
“Let us make a conscious effort to prioritise made-in-Nigeria products,” she added.
Oduwole also commended Governor Hyacinth Alia for his vision and commitment to creating an environment that empowers entrepreneurs, promotes local production, and drives the growth of the local economy.
The minister pointed out that Benue, often referred to as the Food Basket of the Nation, has extensive agricultural resources that play a crucial role in Nigeria’s food security.
She noted that the state has embraced the entrepreneurial spirit by creating policies and directly supporting industrial growth and innovation-driven businesses.
“This exhibition is a reflection of the creativity, talent, and ingenuity that defines the people of Benue. It showcases the spirit of resilience and innovation that characterises the entrepreneurial energy of this great state,” she said.
The Commissioner for Science, Technology, and Innovation, Mr Nick Eworo, in his welcome address, stated that the state is well-positioned to become the hub of innovation and technological advancements in North Central Nigeria.
Eworo explained that the theme of the exhibition, “Innovating for a Sustainable Future,” demonstrates the state’s commitment to leveraging science, technology, and entrepreneurship to foster lasting change.
“Benue is teeming with untapped talent, and what you are seeing today is just a glimpse of the vast potential that exists across our state,” he concluded.
