20% of government’s procurement should go to SMEs.

Small and Medium Scale Enterprises (SMEs) and start-up businesses play significant roles in the economic development of countries. According to the United Nations Industrial Development Organization (UNIDO), SMEs form the backbone of economic growth in most industrialized economies and account for 50 to 60 percent of employment generation. They also contribute significantly to wealth creation and poverty alleviation.


Niyi Yusuf, managing partner at Verraki, recently called on the Federal Government to intervene in SME growth by creating access to markets for indigenous businesses over subsidies. Speaking during a live interview on the Global Business Report segment on Arise TV, Yusuf, who spoke on the topic, ‘Technology and Innovation in Sub-Saharan Africa,’ stressed that limited market access was one of the fundamental barriers to Nigeria’s attempts to boost small and medium enterprises, and called for a new policy that directs government procurement to SMEs.


Please read the report on BusinessDay here