The Minister of State for Industry, Senator John Owan-Enoh, has emphasised the importance of Micro, Small and Medium Enterprises (MSMEs) to Nigeria’s economy, revealing that they account for approximately 96 per cent of businesses nationwide.
Owan-Enoh also disclosed that the sector contributes about 48 per cent to the country’s Gross Domestic Product (GDP) and provides 87 per cent of employment.
The minister made the remarks on Sunday night during a town hall meeting with business operators in Calabar, Cross River State.
The engagement was organised by the Directorate of Manufacturing and MSME of the All Progressives Congress (APC) Presidential Campaign Council.
Addressing entrepreneurs and manufacturers, Owan-Enoh described small businesses as central to Nigeria’s economic development, stressing their contribution to job creation, productivity and national output.
“MSMEs are actually our economy. You all who are seated here are actually the economy of Cross River and Nigeria,” he said.
He urged business owners to recognise their importance in sustaining economic activities, adding that greater support for the sector would help strengthen national development.
According to the minister, the gathering represented the directorate’s first public engagement ahead of the APC presidential campaign rally in Cross River.
Owan-Enoh also commended Governor Bassey Otu’s administration for reviving the state’s Micro-Enterprise Development Agency (MEDA).
He described the initiative as a positive step towards improving access to business development opportunities for entrepreneurs.
The minister highlighted the state government’s collaboration with federal institutions, including the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry (BOI) and Nigerian Export-Import Bank (NEXIM).
He said the partnerships were intended to strengthen support systems for manufacturers and small businesses.
On industrial development, Owan-Enoh identified several federal interventions aimed at expanding technical capacity and promoting emerging technologies in Cross River.
These include an automotive training centre at the University of Cross River, a Compressed Natural Gas conversion workshop and a 65-kilowatt solar-powered electric vehicle charging station at the University of Calabar.
He further disclosed that a Memorandum of Understanding had been reached with a South Korean team concerning electric vehicle manufacturing in the state.
According to him, the initiatives could encourage local production, technical training and employment opportunities.
Turning to agriculture, the minister said Cross River’s cocoa industry stood to benefit from the Nigerian Industrial Policy’s emphasis on value addition.
He explained that expanding local processing would enable producers to generate greater economic value rather than depending primarily on raw commodity exports.
“The opportunity before us is to ensure that our raw materials are processed locally, creating more value, businesses and employment for our people,” he stated.
Owan-Enoh maintained that strengthening manufacturing and supporting small businesses would be essential to expanding Nigeria’s productive capacity and creating sustainable economic opportunities.
Ezeana Emmanuel
