Micro small and medium enterprises play an important role in the progress of Nigeria's economy and just like other countries.

MSMEs provide more employment opportunities to the people and as well, they are more than large corporations or entities in the world.

Thus, MSME is very effective in impacting the economy of any nation as it holds a very strong position in the world.
MSMEs, give chance for the creation of innovation, triggering completion in the economy and ensuring the stability of the economic activities. Therefore, its relevance in the economy cannot be underscored.

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In a country like Nigeria, which is still categorized as a developing country, the MSMEs in the nation keep their economic wheels running. The MSMEs sector has made itself the primary contributor to employment, manufacturing and industrial unit in Nigeria.

What does MSME mean?

MSME means Micro Small and Medium Enterprises. The program meaning varies as different countries have their variety of aim aims to introduce it to their country.

MSME is a program where stakeholders, business owners and policymakers are concerned with small businesses as a result of the vital role they play in every economy.

Verily, Micro small and medium-sized enterprises have a significant role in the global economy. As revealed by the International Trade Centre (ITC) the joint agency of the United Nations and World Trade Organization, they have dedicated to supporting the internationalization of small businesses, MSMEs.

MSMEs account for 90 per cent of all the businesses in the world and hold about 70 per cent of jobs worldwide.

However, small-medium enterprises (SME) are usually faced with certain challenges, especially, the inability to access international market opportunities limited capital and timid trade procedure. This is not the same when considered with larger businesses.

Therefore, for them to be properly funded, improve their access to finance, add more value to their activities and create more conducive for them, so many countries thus, formed the MSMEs program which hosted numerous sme through which they receive the necessary support from the government.

Thus, we can understand that not all business falls under the MSME category reason is, there is usually a pegged revenue benchmark a business should have before it can be a member of the MSMEs.

The creation of MSMEs to oversee and support the activities business especially, the small and medium enterprises are not limited in Nigeria.

There are over 40.5 million MSMEs, including at least 40.4 million micro enterprises and 73,000 small and medium enterprises.

The culmination of all of them together contribute about 52% to Nigeria’s GDP, provided over 59.6 million employment and contributed at about 7% of export receipts.

The importance of these small and medium enterprises has been realized by the Nigerian government hence, the establishment of the small and medium enterprises development agency of Nigeria (SMEDAN) in 2003, which is to serve as the primary agency of the government for promoting MSMEs in the country.

How to effectively do MSMEs registration in Nigeria

Below are the processes through which small and medium enterprises can become a part of MSMEs appropriately without making an unwanted mistake during the registration.

• To register as a small and medium enterprises (SME), you must make your application through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) registration link.
• Input your business name, phone number, email address and password then click on the “get started” button to the micro, small and medium enterprises registration page.
• On the next page that will come up, complete the required information needed about your business and click on the “next” button to go to the next page.
• Enter the business owner’s information and click on the “next” button to go to the final page.
• When the next page which is the last one has come up, enter your business description as required and click on the “submit” button.
• After successful submission of your details, you will receive a pop-up notification notifying you that you have successfully registered your business with SMEDAN and you have access to the numerous benefits that the platform provides and also that detailed instructions have been sent to your email address that you provided.
• Once you open the email, you fill your SMEDAN number and a link that will direct you to get your SMEDAN certificate.
• Click on the link “SMEDAN Certificate” to download your registration certificate and have it on your preferred electronic gadgets.

Eligibility:

All business, small and medium enterprises in Nigeria are eligible to register to become a member
Registration fee.

The registration is free and nothing is required to pay before undergoing it.

Needed documents for the registration

Online registration for MSME does not require any submission of documents. However, ensure that all details are correctly used as they are in your business documents during the registration.

Registration Validity

The validity of the registration is valid for the life of the registered business. As far as the business is alive and still active in the country, it continues to be a member of MSME.

MSME benefits from the Government in Nigeria

Formed on 15 august 2013, the MSME is a program established by the federal government of Nigeria through the central bank of Nigeria with a share capital of n220 billion which is meant to finance micro, small and medium enterprises in the economy.

The fund is essentially used to bridge the financial difference between small businesses and big businesses in the country.

10% of the fund provided to fund the MSME is devoted to the developmental cause. Capacity building, admin costs and grants. The remaining 90 per cent is focused on financing commercial project projects for Participating Financial Institution (PFIs) at an interest rate of 9% per annum.

The objectives of this funding of MSMEs by the government is to provide low interest finance to businesses in the Nigeria economy through PFIs.

Conclusion

MSMEs are one of the important pillars of the Nigerian economy and beyond. They are instrumental in the creation of employment and economic development as a result, the government has resorted to and support them.
They are the unsung hero of national development particularly, in the economic sector.