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Key policies that could drive the inclusive and sustainable industrial development necessary to achieve greater resilience, according to the UN agency include, using already existing registries and platforms to channel aid to businesses on the verge of collapse, improving access to finance for small firms and – even more difficult – those in the informal sector to help them maintain economic activities, retain jobs and maintain links to local and global supply chains.
“Governments need to create more structured business linkages to domestic, regional and global suppliers to allow for more reliable sourcing of products, invest in digital infrastructure to enable small and informal businesses to access information and services as well as increase spending on science, technology and innovation capabilities to boost productivity and competitiveness”, it added.
UNIDO noted that for countries in fragile and conflict-affected situations like Nigeria, the compounded impact of demand crises, disruptions to transportation and value chains, and limited availability of credit have been forcing micro, small, and medium enterprises (MSMEs) to cease operations, which increases the number of non-performing bank loans and threatens the stability of the financial systems in these nations..
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