ABSTRACT
The Micro, Small and Medium-sized Enterprise (MSME) sector is a vital component of Nigeria's economic landscape, contributing significantly to employment, innovation, and economic growth. Nigerian MSMEs tend to have problems with sustainability and recently with startups as well. In 2023, the Nigerian government enacted the Business Facilitation Act with the aim of streamlining regulations, reducing bureaucratic bottlenecks, and fostering a more conducive environment for business development, particularly within the Micro, Small, and Medium Enterprises (MSMEs) sector. This work endeavors to comprehensively analyze the impact of the Business Facilitation Act, 2023, on MSME startup and sustainability in Nigeria, offering critical insights and recommendations for policy improvement. The long essay delves into the Act's potential impact on business registration, access to finance, technological advancement, ease of doing business, and overall sustainability of MSMEs. Through analysis, it explores the Act's successes and areas where its implementation may fall short, thereby affecting the aspirations of emerging and existing MSMEs. Preliminary findings reveal both positive and negative effects. The Business Facilitation Act has simplified registration procedures, reducing the time and resources needed to start an MSME. Furthermore, it has improved access to finance for many small enterprises, fostering their growth potential. However the Act has a long way to go before it becomes a perfect reform for MSME regulation. Based on these findings, this long essay offers a set of recommendations for policymakers and stakeholders to enhance the Act's effectiveness in promoting MSME startup and sustainability. These recommendations include further improving access to finance, providing training and support services for MSMEs, further simplification of the regulatory framework, digitalization of processes. Innovations in judicial and dispute resolution attitudes are also proposed to create a more supportive and efficient environment for MSME growth and sustainability in Nigeria. This research contributes to the ongoing dialogue surrounding policy development and provides valuable insights for policymakers, business leaders, and all those interested in the sustainable growth of MSMEs in Nigeria.
