2023 SME Industry Report

Overview of the Report

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:

  • An overview of the Nigerian SME Industry
  • An analysis of key trends in the SME space
  • An analysis of key financing needs of major SME players
  • An analysis of the Industry’s regulatory and policy environment
  • An outlook of the Industry’s performance in the short term


Key benefits of the report include:

  • An understanding of the Industry’s size and structure
  • Provides insights on recent developments and Industry trends
  • Provides an overview of the key regulators and regulations guiding the Industry.
  • Analyses the Industry’s SWOT and provides insights into the economics of the Industry
  • Provides insights on the key finance needs of SME players in Nigeria
  • The provision of an Agusto & Co. rating for the Industry based on in-depth research findings