According to the Economist Intelligence Unit’s report on Enabling a More Productive Nigeria: Powering SMEs, Nigeria is now an investment hotspot for some of the world’s largest brands: General Electric, Unilever etc.
The report added that for the country to reach its full potential, it must overcome some challenges by creating economic diversification, employment and a more effective conversion of growth into what matters most: rising incomes for the country’s 173 million citizens.
“One change-maker for all three goals will be the country’s vast network of micro, small and medium-sized enterprises (SMEs),” said EIU.
The report also said to support SME productivity, Nigeria’s government must stabilise macroeconomic policy and install a more transparent tax and customs system.
“Nigeria’s road and rail system remains insufficient, but landmark transport projects are already delivering benefits for SMEs and new projects could herald significant gains in facilitating the movement of people and goods,” the report stated.
The EIU also said information and communication technologies (ICTs) are at the heart of SME businesses— stimulating productivity, helping to overcome tough operating environments and opening up new markets.
Nigeria is currently Africa’s leading economy, overtaking South Africa last year to become the continent’s largest nation in terms of GDP.
Its commercial capital, Lagos has also surpassed the Egyptian capital, Cairo, to become Africa’s biggest city in terms of population.
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