With a population of over 190m, Nigeria has over 30 million MSMEs employing over 60 million of the population and contributing about 85% of our total labor force in the country. Micro, Small and Medium businesses have been the bedrock of the Nigerian economy. But a lot of them continue to remain at the same level because they lack access to funding from commercial banks; the average Nigerian MSME owner does not have a collateral, and cannot afford the interest rate charged by banks. Consequently, these businesses have remained at subsistence level; unable to utilize the opportunities in the Nigerian economy to grow.
4 days ago