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  • Welcome
  • Special reports
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    SNAPSHOTS OF ACHIEVEMENTS

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    IPOB calls for review, says Kanya court ruling confirms Kanu’s trial lack legal foundation

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Experts hail new HIV injection breakthrough ,decry high cost

    Experts hail new HIV injection breakthrough ,decry high cost

    US governor of  North Carolina declares June 14 Igbo Day

    US governor of  North Carolina declares June 14 Igbo Day

  • Metro News
    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Teachers, health workers strike,others: Wike gets fresh ultimatum from FCT workers

    Abuja braces for two-week without water as rehabilitation works commence

    Abuja braces for two-week without water as rehabilitation works commence

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

    Wike approves recruitment of 34 resident doctors for FCT hospitals

    Wike constitute teams to screen Abuja land tittles

    FG revokes allocation to defaulting national housing programme beneficiaries

    Only two of 445 mass housing developers met FCTA conditions – Official

  • Latest News
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    Benue gov approves the appointment of key agencies and institutions

    Benue gov approves the appointment of key agencies and institutions

    NIPOST denies aiding drug peddlers

    NIPOST denies aiding drug peddlers

    SERAP demands Probe of missing N26bn in  Petroleum ministry, PTDF

    Alleged N6tn embezzlement: Name, shame those obstructing NDDC forensic audit report, SERAP tells Tinubu

    Food security: FG to eliminate bottlenecks in agric sector ‎

    Food security: FG to eliminate bottlenecks in agric sector ‎

    Yoruba council pledge to deliver two million votes for Tinubu’s re-election in 2027

    Yoruba council pledge to deliver two million votes for Tinubu’s re-election in 2027

    ACPN seeks amendment to existing laws, says 50% drugs in circulation are fake

    ACPN seeks amendment to existing laws, says 50% drugs in circulation are fake

    Trending Tags

  • Infotech
    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

    Disconnections not to frustrate ₦EndBadGovernance Protest-Telcos

    FG receives recommendation on telecoms tarrif hike

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

    Peter Obi donates computers to Adamawa school, canvasses increased knowledge in ICT

  • World conflict & diplomacy
    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

    Israel bombs Iran’s heavy water reactor, says state television

    Iran slams G7 statement for ignoring Israel’s blatant aggression

    Iran slams G7 statement for ignoring Israel’s blatant aggression

    Iran launch over 100 drones towards Israel as conflict escalates

    Iran launch over 100 drones towards Israel as conflict escalates

    Six nuclear scientists killed in Israel attack on Iran — Reports

    Six nuclear scientists killed in Israel attack on Iran — Reports

    UK backs Morocco’s autonomy plan for Western Sahara

    UK backs Morocco’s autonomy plan for Western Sahara

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    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

    Police extend deadline for tinted glass permit to August 12

    Police extend deadline for tinted glass permit to August 12

    Tinubu govt assures farmers of security support against bandits, killer herdsmen

    Tinubu govt assures farmers of security support against bandits, killer herdsmen

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Why small businesses are shutting down despite reforms-NESG, NACCIMA

Daily Intel Newspaper by Daily Intel Newspaper
March 10, 2025
Why small businesses are shutting down despite reforms-NESG, NACCIMA

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The Nigerian Economic Summit Group ,NESG, has decried the alarming numbers of micro and small businesses that has shutdown in the spate of one year, alerting the President Bola Tinubu’s administration of its catorosphotic implications if the tide is not reversed.

According to the NESG, between 2023 and 2024 alone, out of of the country’s estimated 24 million MSMEs, about 7.2 million businesses has shutdown due to harsh economic environment.

Chief Economist and Director of Research at NESG, Dr. Segun Omisakin, who disclosed this during the launch of the 2025 Private Sector Outlook, said the figure represents 30 per cent of Nigeria’s total MSMEs strength.

He said Nigeria also lost an estimated N94 trillion to multinational divestments and business closures during the period.

“Between 2023 and 2024, multinational divestments and business closures led to an estimated 94 trillion Naira economic loss. Additionally, 30% of Nigeria’s 24 million registered MSMEs shut down during this period, underscoring the country’s economic vulnerability,” he stated.

While stakeholders noted that government have not done enough to support small businesses to withstand the harsh economic environment, they blamed some of the government reforms for the unprecedented shutdown of businesses.

Giving an in-depth analysis of the private sector’s performance and economic risks in 2024, Omisakin noted that while foreign exchange availability improved due to policy reforms, the nation’s currency depreciated significantly, with the official exchange rate averaging 1,479.9 Naira to the US dollar in 2024.

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

Projecting into 2025, he emphasised the need for businesses “to adapt to economic uncertainties and employ strategic measures for growth and resilience”.

In her opening remarks, NESG Board Director, Mrs. Wonu Adetayo, emphasised the vital role of the private sector in shaping a resilient economy.

According to her, despite structural weaknesses and macroeconomic volatility, Nigeria experienced an economic growth improvement in 2024, driven by reform efforts that enhanced investment levels.

She pointed out that Nigeria’s economy expanded by 3.4% in 2024, the highest growth since 2021, with the number of expanding activity sectors increasing from 32 in 2023 to 38 in 2024.

Adetayo however noted that stagnant productivity and persistent macroeconomic imbalances led to deteriorating living standards and heightened economic distress.

On his part, the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture , NACCIMA, Dele Oye, who is also the Chairman, Organised Private Sector of Nigeria ,OPSN, said “Government must act as a facilitator, not a competitor, in economic affairs. Business organisations should always be in the room when key negotiations take place to ensure broad-based economic benefits.” 

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