SMEs are an important part of the Nigerian economy, contributing to job creation, economic growth and poverty reduction. However, they face numerous challenges such as limited access to finance, inadequate infrastructure, high cost of inputs and a difficult business environment. The Nigerian government has successfully implemented strategic initiatives to bolster the growth of SMEs, such as providing tax incentives and an unwavering support for entrepreneurship and business development. SMEs are forecasted to account for 49.5% of GDP by 2024, largely due to the growth in wholesale and retail trade SMEs. Lagos State houses the highest number of SMEs, accounting for 7.3% of the total number of SMEs in the country. Rivers follows closely in second position with 6.8% of the total, while Kano comes in at third with 6.4%. Our report focuses on the Fashion and Food Processing segments of the Industry.
This report provides current information on the attributes and performance of the Nigerian SME industry (“the Industry”). The report includes:
Key benefits of the report include:
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