The African Food & Products Exhibition AFPE), organised by the Nigerian-American Chamber of Commerce, was last held 5 years ago; thus, Chevron, Stanbic IBTC, Bank of Industry, as headline Sponsors, were instrumental to this new record in 2024, Wofai Samuel; Acting Director-General, said in a statement made available to the press.
Samuel further highlighted that “with over 60 Businesses exhibiting their products and services in respective booths, 110 Jobs indirectly/directly created, sales made, new clients originated, production contracts allocated, and networking targets met; we are pleased to be part of the ecosystem that propels economic diversity and supports small businesses. Micro, Small and Medium Enterprises (MSMEs) are vital to both the U.S. and Nigeria’s economies and workforce.
She further added that in the United States of America, there are 33,185,550 small businesses, accounting for 46.4% of private sector employment, 97.3% of exporters and 32.6% of tracked export value.
In Nigeria, there are approximately 40 million SMEs. MSMEs contribute 48% to the national GDP, accounting for 96% of businesses and 84% of employment.
Globally, India, Indonesia, Nigeria, the United States, Bangladesh, Brazil, Japan, Mexico, Italy, and Egypt have the largest number of SMEs.
This Engagement reinstated our contribution to Nigeria’s informal economy, which remains the foundation for the development of any Nation, Wofai Samuel Concluded.
