SME and MSME
Small and Medium Enterprise (SME) and Micro, Small and Medium Scale Enterprise (MSME) are key players in the economy and the wider eco-system of firms. Enabling them to adapt and thrive in a more open environment and participate more actively in the digital transformation is essential for boosting economic growth and delivering a more inclusive globalisation. Across countries at all levels of development, SMEs have an important role to play in achieving the Sustainable Development Goals (SDGs), by promoting inclusive and sustainable economic growth, providing employment and decent work for all, promoting sustainable industrialisation and fostering innovation, and reducing income inequalities.
SMEs have compelling growth potential and like other emerging economies are likely to constitute a significant portion of GDP in the near future.
SMEs are broadly defined as businesses with turnover of less than N100m per annum and/ or less than 300 employees
Studies by the International Finance Corporation (IFC) show that approximately 96% of Nigerian businesses are SMEs compared to 53% in the US and 65% in Europe.
SMEs represent about 90% of the manufacturing/ industrial sector in terms of number of enterprises
MQuad Consulting core mandate to this sector is Improving access to finance and finding innovative solutions to unlock sources of capital, our special focus on the SMEs/MSME of the informal sector to assist in all areas of moving them into the formal sector so they can access and be eligible for the various intervention funds available with various providers. This will be done through formalizing their business and operation, getting necessary permits and regulatory approvals, relevant information about their sectors/industry vs what was obtained through the grapevine channel that birthed their business idea, attract expansion opportunities that abounds within the formal environment immediately they are able to comply with various regulatory requirement.