Paucity of funds and lack of business registration have been identified as perennial challenges to Small and Medium Scale Enterprises in Nigeria.

Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Umaru Radda, brought this to the fore while briefing the House of Representatives Committee on Industry during an oversight visit to industrial development centres in Lagos state.

Experts have identified small and medium scale enterprises as having the potential to boost any dwindling economy and the Nigerian authorities have been looking to SMEs as a way of reviving the economy.

The Director General of SMEDAN gave a situation report to the delegation from the National Assembly on the state of MSMEs in Nigeria and their budget performance in the current year.

After the briefing, the delegation moved to the Industrial Development Centre (IDC) in Ikorodu area of the state which is one of the 23 IDCs across the country.

There, most of the facilities are dilapidated from lack of use with most of the equipment, gathering dust.

The Chairman, House Committee on Industry, Mr Abubakar Moriki, then promised to turn the tide of the entrepreneurs by reviving the IDC.

The lawmakers succeeded in boosting the confidence of the entrepreneurs there that soon, the IDCs across the country would be revived.