What do you believe is the single most important factor driving up the cost of living in Nigeria?

The BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, disclosed these figures at the 2024 BOI Annual Public Lecture Series held on Wednesday in Abuja.

The event was themed, ‘Creating Impact: The Role of MSME Support and Financing in alleviating poverty and food insecurity in Nigeria.’

In his welcome address, Olusi stated that the disbursement is part of the government’s strategy to address significant challenges such as limited access to finance, difficult operating environment, and infrastructure deficiencies.

He also emphasised that tackling these issues is crucial for alleviating poverty and ensuring food security in the country.

He said, “As we know, MSMEs are the bedrock of any thriving economy. In Nigeria, they make up approximately 97 per cent of all businesses contributing to over 80 per cent of employment and about 50 per cent of GDP – and are the driving force of food production and the overall economic development in Nigeria.

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