Owners of Small and Medium Scale Enterprises in Nigeria have decried the level of corruption in the Country, saying it’really hurting their business.
This is coming as the United Nations Global Compact Network is planning strategies to address and curb issues affecting growth of MSMEs .
The lifeline of most developing economies are small and medium enterprises, with their flexibility to become growth agents from small beginnings and little capital but a lot of drive.
The World Bank estimates that MSMEs contribute more than 40 percent of total employment and more than 30 percent of national income gross domestic product in emerging economies.
But rampant corruption robs these economies of the promise MSMEs assures.
Participants here took time to identify appropriate standards of transparency, strategies for effective incentives with focus on business dealings.
It comes at the right time. Especially as the National MSME policy envisions a sector that can deliver maximum benefits of employment generation, wealth creation, poverty reduction and growth to the entire economy.