30% of Small and Medium Enterprises closed down last year, due to combined effects of the Covid-19 pandemic and political impasse.

The National Association of Small and Medium Enterprises (Nasme) Chairperson William Mwale confided in The Daily Times newspaper, outlining that cross border traders medium-sized businesses in cooking oil production and pigeon peas processing have shut down.

Prior to the news, SMEs had already addressed challenges in the sector, from lack of support from government, lack of financing from banks, among others.

Last year, it was revealed that an SMEs council will be established to oversee the sector’s development as  Mwale confirmed that government is considering the establishment of the SMEs council, alongside an SMEs bill that is also in the works.