Business Environment, Trade, Competitiveness And Product Space Mapping (BETCPSM)

Abstract

The number of unemployed people in Nigeria has risen to 21.7 million. That is about the total population of Singapore, Hong Kong and UAE combined. With that number of unemployed people, it is not a surprise that poverty has been recorded at 42% of the population, i.e. 83 million people are considered to be poor in Nigeria. One of the easiest ways to reduce unemployment and address this high incidence of poverty is through the growth of businesses in the economy, especially MSMEs. Empirical evidence suggests that a 1% growth in MSMEs contributes to a 2% drop in poverty (Slivinsky, 2015).

A key enabler for MSMEs and large business success is a supportive business environment. When institutions are strong, critical infrastructures are available in the right quality and the governance structure in the country is designed to remove barriers and bottlenecks for business operations, trade (within and across borders) get facilitated and there is a high likelihood that business of all kinds will thrive. When businesses thrive, jobs and wealth are created. For all these to happen in Nigeria, there is the need for passionate formulation and implementation of appropriate policies and strategies. There is the need for a national focus on enabling investment environment to facilitate cross border trade, improve productivity and create value –added activities across sectors in the country.