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By Yinka Kolawole
Nigeria’s hope of quick recovery from recession and significant increase in economic growth is under threat from micro, small and medium enterprises (MSMEs) sector which accounts for 48 percent of the nation’s Gross Domestic Product (GDP), as 33.6 million small businesses (62 percent) struggle with the challenge of poor financial literacy.
Nigeria has about 41 million MSMEs which are businesses with less than N100 million annual turnover.
These businesses however contribute about 48% of the nation’s Gross Domestic Product (GDP), accounting for 96% of businesses and 84% of employment in Nigeria.
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Published 31 December 2020
In a sequel to how abandoned hydropower stations have worsened the poor power supply in the country, TUNDE AJAJA probes further into the perennial problem and other areas in the value chain
Barely two months after
Sunday PUNCH’s report detailed how neglect and lack of genuine commitment by successive governments have hampered the development of the various hydropower stations across the country, there are strong indications that the Mambilla hydropower project, conceived since 1972, might have suffered another setback.
Our correspondent gathered that the all-important Mambilla project, which is to be Nigeria’s biggest single hydropower station, with the capacity to generate a whopping 3,050MW and boost power generation significantly for the benefit of the already distressed citizens, was not captured in the 2021 budget.