Vice President Kashim Shettima has reaffirmed that micro small and medium enterprises remain a key policy priority for the federal government as they account for more than 96 percent of Nigerian businesses contribute nearly 50 percent of the nation’s GDP and provide employment for over 84 percent of the national workforce.
Shettima made this known in Abuja during the launch of the 2025 Nigerian Informal Economy Report and the unveiling of M Nigeria’s first Informal Economy AI Chatbot, marking ten years of Moniepoint’s contribution to financial inclusion and business growth in Nigeria.
Represented by Jumoke Oduwole Minister of Industry Trade and Investment the Vice President commended Moniepoint for its leadership in the fintech sector and its impact on over ten million businesses and individuals across the country.
He noted that the federal government remains committed to creating an enabling environment for MSMEs to thrive through access to finance innovation and digital transformation.
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The new report supported by the International Finance Corporation the Federal Ministry of Industry Trade and Investment and SMEDAN revealed that while 65 percent of businesses recorded revenue growth only 47 percent saw higher profits due to rising costs. It also showed that 38 percent of business owners earn less than N10000 daily while 42 percent lack savings to survive a month without income.
Moniepoint Managing Director Babatunde Olofin said the findings highlight the resilience of Nigeria’s informal sector despite challenges such as weak structures limited financing and low digital literacy.
He added that Moniepoint will continue to promote affordable credit and digital tools to help small businesses grow and achieve financial stability.
The report concluded that with the right policies and support systems MSMEs can drive inclusive growth and sustain Nigeria’s economic recovery.
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