According to Agusto & Co’s newly released 2021 Small & Medium-Sized Enterprises Industry report, the SME industry is a major driver of industrial growth and development in Nigeria. The industry is the vanguard of innovation, output expansion, employment creation, exports, income redistribution and entrepreneurship in the country. In Nigeria, SMEs account for a significant 86% of the national workforce and about 50% of the country’s gross domestic product.
The emergence of the novel COVID-19 pandemic adversely impacted the sales and revenues of SMEs in 2020 with many forced to scale down operations or shut down. The Industry remains bedevilled by an inability to access finance attributable to the unwillingness of banks to lend to players, operators lackadaisical attitude towards record keeping and lack of awareness about available government interventions.
The 2021 Small & Medium-Sized Enterprises report focuses on three key segments of the industry: E-retailing, Cement Distributorship and Apparels.
For more insights on the 2021 SME Industry Report, CLICK HERE
