MSME LAMENTS OVER FLOOD DISASTER

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https://drive.google.com/uc?export=view&id=1D7elj53w6CAjAic7NTr9dp0WpSBBKYHC

By Cyril Endurance Favour
October 29, 2022
 
A large number of Micro, Small and Medium Enterprises (MSME) are grieving over the loss of their businesses in the rampaging flood disaster
The 2022 flooding which began in June, affecting over 32 states has not only claimed lives, displaced over 2.1 million people and destroyed properties, it has also submerged a staggering amount of farmlands and investments
Small and Medium Scale businesses like Farming, Logistics, Processing and Trading in Anambra, Bayelsa, Delta , Cross River and Rivers which amounts for 96% of businesses in Nigeria has experienced greater impact of the flood as over one million farmers looses their farmland to the menacing flood
According to the Minister for humanitarian affairs, Umar Farouq, over 140,000 hectares of farmland has been damaged.
While Ade Adefeko, Vice President of external relation and stakeholder management at Olam Agri disclosed that over   $140 million worth of investment has been submerged by flood.
Furthermore, The director of Partnership and Coordination at Small and Medium Enterprises Friday Opara said “This is happening at a time when we are battling high interest rates, foreign exchange volatility and increased cost of diesel”
Experts claims that these businesses amounts for the aggregate that contributes majorly to the Nation’s Gross Domestic Product (GDP)
Consequently, the impact of losses of these magnitude is reflected on the nation’s economy as cost of living skyrocket due to ongoing food property that has assailed the country for over two years.


Published by shodolamu olawale quadri 

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