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Inadequate finance, power stifle MSMEs growth in 2024 - Report

The article from BusinessDay Nigeria discusses the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in Nigeria as outlined in a 2024 report. It highlights that inadequate financing and unreliable power supply are major hurdles stifling the growth of these businesses. According to the report, despite the potential of MSMEs to drive economic growth, their expansion is severely limited by the lack of access to affordable credit and the persistent issue of power outages, which increase operational costs and reduce productivity. The article also notes that government initiatives aimed at supporting MSMEs have not been sufficiently effective, with calls for more robust policy interventions to enhance financial inclusion and improve infrastructure, particularly in the energy sector. The report suggests that without significant improvements in these areas, the growth prospects for MSMEs in Nigeria will remain constrained.

Read the Full businessday Article at:
[ https://businessday.ng/news/article/inadequate-finance-power-stifle-msmes-growth-in-2024-report/ ]