MSMEs in Nigeria: Business finance, revenue, and support, among others

₦1.9m: monthly average revenue of MSMEs in Nigeria.

A larger share of businesses in the South West are more likely to access bank loans than those in other regions.

Food and beverages account for the largest share of businesses in Nigeria, followed by retail, fashion, and agriculture in that order.

Nine in every ten small businesses in Nigeria have less than ten employees.

Half of business owners use their personal savings as the primary source of finance.

Monthly revenue of 48% of small businesses in Nigeria is less than ₦100,000.

There's no correlation between the highest level of education of the entrepreneurs and the average monthly revenue from their businesses.

On average, female-owned businesses make ₦1.1m more than their male counterparts.

Seven in every ten small businesses in Nigeria expect their businesses to fare better by the end of 2025, compared to 2024.

Inflation tops the list of concerns for businesses in 2025.

Only one in every four businesses has benefited from government support, programmes, and initiatives.

Foreword

Preface

Introduction

Key takeaways

MSMEs classification in Nigeria

Businesses: owners, duration, and sectors.

• Business owners

• Educational qualifications of business owners

• Sectors of surveyed businesses

• Business owners by gender across age ranges

• How long people have been running their businesses

• Employee count of businesses

Finances: business finance and revenue

• Primary source of finance for businesses and breakdown by gender and region

• Average monthly revenue and breakdown by educational level and region

• Average monthly revenue by sector, gender, and years in business

• Top states by average revenue and the states with the lowest revenue

• How people rate the financial health of their businesses and breakdown by region

• Top business challenges in Nigeria

2024 and 2025

• Business performance rating for 2024 and expectations by the end of 2025

• Regional breakdown of business performance expectations in 2025

• Top business goals and strategies in 2025

• Primary economic concerns for 2025

• Top financial concerns for business owners for 2025

Government support and policies

• Government support for SMEs

• Challenges in accessing government support

• Support that SMEs want from the government

• Government policies and their impact and regional breakdown

Conclusion

Methodology