Small and Medium Enterprises (SMEs) play a crucial role in Nigeria’s economy, contributing approximately 49.5% to the national GDP while driving job creation and poverty alleviation. However, the sector faces significant challenges, including structural bottlenecks related to infrastructure, regulatory inadequacies, and access to financing. The Nigerian government has recognised the importance of SMEs and has implemented various initiatives aimed at enhancing their growth, such as facilitating access to finance, providing fiscal incentives, and promoting entrepreneurship development programs. This report focuses specifically on two key segments within the SME landscape: the Events Industry and the Retail Minimart Industry. The Events Industry has witnessed remarkable growth, fueled by urbanisation, social media influence, and evolving business trends. Event planners are pivotal in orchestrating successful corporate and social events, with emerging trends such as customised currency notes and sustainable practices offering new avenues for innovation. Similarly, the Minimart segment addresses the growing demand for convenience shopping, providing essential items in easily accessible locations.
Despite facing intense price competition and regulatory challenges, minimarts continue to thrive, driven by trends in technology integration and sustainability. To unlock the full potential of SMEs, it is essential to address the myriad challenges they face, including limited financing options and bureaucratic hurdles. Strategic interventions, such as formalising the informal sector and revising taxation policies, are vital for fostering a supportive environment that enables SMEs to contribute significantly to Nigeria’s economic growth and job creation.
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