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Emma Okonji Analysts who spoke at a recent webinar organised by the American Business Council in Nigeria, in collaboration with US Chamber of Commerce, Amcham Ghana and Amcham South Africa on the US-Africa relations, have identified lack of adequate funding as a major challenge to the growth of Small and Medium Enterprises (SMEs) in Africa. The analysts were of the view that SMEs across Africa are faced with serious funding challenges, despite their importance to national development. Citing the case of Nigeria, the analysts said: “Despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. In Nigeria, SMEs contribute 48 per cent of national GDP, and account for 96 per cent of businesses and 84 per cent of employment.”

United statesEmma okonjiMary beth leonardRavi suchakAkunna cookDipo faulknerUs administrationCentral bankMedium enterprises msmesNational bureau of statisticsAfrican affairsUnited nations industrial development organisationUs chamberAmerican tower corporationPublic affairsMedium enterprise development agency