MSMEs Tipped as Economic Game Changers at PHCCIMA World MSMEs Day Celebration

Micro, Small and Medium Enterprises (MSMEs) have once again been identified as the backbone of Nigeria’s economy, as business leaders, development partners, and trade groups gathered in Port Harcourt to mark this year’s World MSMEs Day.

Organised under the leadership of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), on Friday, June 27, 2024, the event brought together three major trade groups, SMEs and NGOs, Education, Research and Development, and ICT/Commerce in what is considered a first of its kind collaboration in the Chamber’s history.

PHCCIMA first female President, Chinyere Nwoga, in her remarks, highlighted that over 40 million SMEs in Nigeria contribute approximately 40% of the country’s GDP, playing a vital role in production, innovation and job creation. However, she questioned why such a powerful sector continues to struggle.

 “SMEs face a multitude of challenges, access to funding, high inflation, inconsistent policies, and limited space to operate. It’s even more complicated for women in business”.

Nwoga challenged stakeholders to reflect on what she described as the gap.

“If we know what the problems are, and we know the solutions, then the real question is why does the gap still exist”.

 She noted that PHCCIMA has responded by encouraging synergy across its trade groups, ICT, Education and Research, and SMEs believing that collaboration, shared capacity, and a member-focused approach are the way forward.

“When we work together, good things happen”.

She urged non-members to join the Chamber and take advantage of business linkages, data access, and global opportunities available within its network.

In his welcome address, Chairman of the PHCCIMA SMEs and NGOs Trade Group, Jack Daboikiabo said the celebration was not just symbolic but a rallying point to strengthen the MSME sector, which accounts for over 90% of Nigerian businesses and more than 80% of employment, according to SMEDAN.

“MSMEs are a key source of income, jobs, and sustainable economic growth, yet many of them face serious challenges, limited access to funding, poor infrastructure, and a harsh business environment. This gathering provides an opportunity to not just highlight these issues, but also find lasting solutions.”

Daboikiabo lauded the president’s visionary leadership in making the event possible. He also acknowledged the efforts of past and current trade group leaders, including Edughom Hanson, and appreciated key partners and supporters such as the keynote speaker, Kalada Apiafi, Pacqueens Irabor of the Bank of Industry, and others.

One of the major highlights of the celebration was the pre-launch of the PHCCIMA Mentorship Project and the PHCCIMA e-Library, both aimed at building the capacity of small business owners through knowledge-sharing and structured guidance. There was also a session on access to funding opportunities addressing one of the biggest hurdles MSMEs face.

Participants were encouraged to network and build valuable relationships, with a call to action that today’s small businesses should aspire to grow into large companies.

  “We want to see companies in this room reach that milestone by 2026.” With goodwill messages, expert talks, and renewed commitment to enterprise development, the event underscored PHCCIMA’s push to transform the MSME space in Rivers State and beyond