According to the NBS/SMEDAN MSME 2021 survey report, MSMEs contributed 46.32% to GDP, accounted for 6.21% of exports, 96.9% of businesses and 87.9% of employment.
The immense contribution of MSMEs makes them a critical part to Nigeria’s economic fortune.
Building upon our earlier report, the PwC MSME Survey 2020, this edition examines some trends shaping the MSME sector in Nigeria;
- Navigating macroeconomic headwinds: Underscoring contribution of MSME to economic growth
- Constrained access to finance: Charting a path towards the ₦13 trillion horizon
- Streamlining regulations and exploring opportunities from policy execution
- Evolving Market Conditions: Building MSME adaptability in a changing business climate
- Adopting digital and technology transformation to disrupt MSME productivity and profitability
The trends highlight the critical importance of MSMEs to achieving sustainable economic growth despite structural and macroeconomic headwinds that persist.
This survey was administered online in 2022 to 557 MSME operators. Its was conducted with MSMEs operating across 13 sectors in 29 states of the federation. Our goal is to assessing the key drivers of MSME performance and understand the challenges that MSMEs face as well as imperatives for policy makers, financiers and MSMEs to navigate the challenging economic landscape.
I hope you will find our insights very useful for other researches and to kickstart new solutions for this MSMEs in Nigeria. Enjoy the read.
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