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Micro, Small and Medium-scale Enterprises (MSMEs) are crucial to economic output and employment in most economies, especially developing/emerging economies. The World Bank estimates that formal SMEs contribute around 40% and 60% of total GDP and employment respectively in developing/emerging economies.
In Nigeria, SMEs have contributed about 48% of the national GDP in the last five years and account for over 90% of businesses and 84% employment, according to the National Bureau of Statistics (NBS)
Despite their importance to inclusive economic growth and job creation, SMEs in Nigeria are still plagued with many challenges especially access to finance to finance.