Tag
NIGERIAN MSMES
Micro, Small and Medium Enterprises (MSMEs) account for 96% of businesses in Nigeria, contribute 48% to the country’s Gross Domestic Product (GDP) and provide 87% of employment, according to the Minister of State for Industry, Sen. John Owan-Enoh.
A credit expert and President of the Money Lenders Association (MLA), Gbemi Adelekan, has said that many Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are building up negative credit profiles that could bar them from accessing the capital they desperately need to grow.
In Nigeria, deposit money banks are required to keep 65% loan to deposit ratio.