Nigeria is a nation of hustlers and business owners. Its army of micro, small, and medium enterprises MSMEs plays a crucial role. A roll call of stats MSMEs contribute 50 to GDP, create 60 million jobs, and are the addressable market for many startups that have raised money in the past decade.
Yet for such a crucial segment, there are significant data gaps. How much revenue do these MSMEs make? How much of that translates into profits? What is the likelihood that these businesses will survive past the five-year mark? How much do they pay in taxes and levies?
Here are two interesting answers Only 1.3 of small businesses earn more than ?2.5m monthly in profits while 79 earn less than ?250,000 monthly profits.
Those data points are from Moniepoints Informal Economy Report 2024, launched in Abuja on Friday in partnership with the Small and Medium Enterprise Development Agency SMEDAN and the Ministry of Trade and Investment.
By quantifying the informal economys impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward, said Tosin Eniolorunda, Moniepoints CEO.
