In 2020, the majority of micro-enterprises (MEs) in Nigeria - over 17.7 million - each received an initial startup funding that was less than 50,000 Nigerian naira (NGN), equivalent to roughly 120 U.S. dollars. In contrast, around 740,000 micro-enterprises in the country each secured an initial startup capital of one million NGN (roughly 2,405 U.S. dollars) or higher.
Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020
(in 1,000 Nigerian naira)
The currency conversion rate was as of March 29, 2022.
According to the source, the survey was conducted across 36 states of the Nigerian Federation and the Federal Capital Territory, Abuja. It adds that 400 households with micro-enterprises per state were surveyed, alongside nationwide SMEs which cut across 16 economic sectors.
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Small and Medium Enterprise Development Agency of Nigeria. (August 13, 2021). Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020 (in 1,000 Nigerian naira)." Chart. August 13, 2021. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Range of The Initial Startup Capital Secured by Micro Enterprises (Mes) in Nigeria in 2020 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria, Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/ (last visited December 22, 2024)
Range of the initial startup capital secured by micro enterprises (MEs) in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph], Small and Medium Enterprise Development Agency of Nigeria, August 13, 2021. [Online]. Available: https://www.statista.com/statistics/1299517/initial-micro-enterprise-startup-capital-in-nigeria/
