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No fewer than 30 per cent of Nigeria’s 24 million registered Micro, Small, MediumEnterprises (MSMEs) shut down between 2023 to 2024, the Nigerian Economic Summit Group (NESG) has said.

The Chief Economist and Director of Research at NESG, Segun Omisakin, stated this in Lagos at the launch of 2025 Private Sector Outlook: Adapting to Economic Uncertainties for Growth and Resilience.

In his presentation, Omisakin provided an in-depth analysis ofprivate sector’s performance and economic risks in 2024. He highlighted the struggles faced by Nigeria’s private sector to include foreign exchange shortages, insecurity, inadequate infrastructure, and limited market access.

He noted that while foreign exchange availability improved due to policy reforms, Nigeria’s currency depreciated significantly, with the official exchange rate averaging N1,479.9 to the U.S. Dollar in 2024.

According to him, trade surpluses and increased foreign capital inflows were recorded, yet fiscal constraints persisted, with public debt rising to N142.3 trillion as of September 2024.


https://guardian.ng/business-services/business/30-of-nigerias-msmes-shut-down-within-two-years-nesg/