Review of the Naira Redesign and Its Effect on Micro, Small, and Medium Enterprises (MSMEs)
Moradeyo Adebanjo Otitoju,
Godbless Friday Safugha,
Esther Oshofuneh Vincent
et al.
Abstract:Micro, Small, and Medium Enterprises contribute 48% of Nigeria's GDP and account for 96% of businesses and 84% of employment. Despite their significant economic impact, MSMEs face challenges that make growing and scaling their businesses difficult. These challenges include limited access to finance, poor digital skills, inadequate record-keeping, over-reliance on cash, and difficulty attracting skilled workers. The naira redesign, cashless policy, and the resultant cash crunch have exacerbated these problems, … Show more
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