Over 2 million nMSMEs in Nigeria have collapsed between 2017 and 2021, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), due to various factors such as insecurity, lack of access to affordable funds, high cost of doing business, inflation, and lack of access to local, regional and global markets.
As a result, over 6 million Nigerians have lost their jobs. In response, SMEDAN has collaborated with the Niger State government to launch a cluster empowerment program focused on shea butter, aimed at revitalizing rural enterprises and integrating them into the formal sector to alleviate the impact of economic downturns on nMSMEs.
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