In 2020, the majority of micro enterprises (MEs) in the agricultural sector in Nigeria - over 7.9 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, 39,785 MEs in the same sector each secured an initial startup capital between 901,000 NGN and one million NGN (roughly 2,167 to 2,405 U.S. dollars).
Initial startup capital received by micro enterprises (MEs) in the agricultural sector in Nigeria in 2020
(in 1,000 Nigerian naira)
The currency conversion rate was as of March 30, 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). Initial startup capital received by micro enterprises (MEs) in the agricultural sector in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/
Small and Medium Enterprise Development Agency of Nigeria. "Initial startup capital received by micro enterprises (MEs) in the agricultural sector in Nigeria in 2020 (in 1,000 Nigerian naira)." Chart. August 13, 2021. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Initial startup capital received by micro enterprises (MEs) in the agricultural sector in Nigeria in 2020 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/
Small and Medium Enterprise Development Agency of Nigeria. "Initial Startup Capital Received by Micro Enterprises (Mes) in The Agricultural Sector in Nigeria in 2020 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/
Small and Medium Enterprise Development Agency of Nigeria, Initial startup capital received by micro enterprises (MEs) in the agricultural sector in Nigeria in 2020 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/ (last visited November 21, 2024)
Initial startup capital received by micro enterprises (MEs) in the agricultural sector 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/1299594/number-of-agricultural-micro-enterprises-in-nigeria-by-initial-startup-capital-received/
