The Nigerian economy and GDP saw a boost with the improvement in GDP growth rate from 1.91% in 2018 to 2.27% in 2019. Consequently, Heritage Bank has proposed an increased support for Micro, Small and Medium Scale Enterprises (MSMEs) in order to achieve the countries quest for double digit economic growth.
The Managing Director/CEO of Heritage Bank, Ifie Sekibo stated “The contribution of the MSMEs to the Nigerian economy cannot be undermined. So, if the MSMEs are supported financially and take their place in the economy, it will create middle class income earners which is vital to the economy of every nation.
Highlighting the importance of the MSMEs contributions to the nation’s economy, he said, Nigeria has 41.5 million MSMEs which contributed about 48% of the GDP in the last five years. With a total number of about 17.4 million, MSMEs account for about 50 % of industrial jobs and nearly 90% of the manufacturing sector, in terms of enterprises in the country.
According to him there are lots of opportunities for the country in MSMEs and heritage bank is taking the lead through various initiatives such as its youths entrepreneurship development programs aimed at increasing the contributions of the MSME segment to the economy. The entrepreneurship scheme of the bank in the support of for businesses had always focused on dependable job creating sectors, such as agricultural value chain(fish farming) cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and Communication Technology (ICT).