In 2020, most micro enterprises (MEs) within the accommodation and food service sector in Nigeria - over 881,000 - received an initial startup funding that was less than 50,000 Nigerian naira (NGN), equivalent to roughly 120 U.S. dollars. In contrast, 1,145 MEs in the same sector each secured an initial startup capital between 901,000 NGN and one million NGN (roughly between 2,167 and 2,405 U.S. dollars).
Initial startup capital secured by micro enterprises (MEs) in accommodation and food services 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 secured by micro enterprises (MEs) in accommodation and food services in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/statistics/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial startup capital secured by micro enterprises (MEs) in accommodation and food services in Nigeria in 2020 (in 1,000 Nigerian naira)." Chart. August 13, 2021. Statista. Accessed November 23, 2024. https://www.statista.com/statistics/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Initial startup capital secured by micro enterprises (MEs) in accommodation and food services in Nigeria in 2020 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial Startup Capital Secured by Micro Enterprises (Mes) in Accommodation and Food Services in Nigeria in 2020 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria, Initial startup capital secured by micro enterprises (MEs) in accommodation and food services in Nigeria in 2020 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/ (last visited November 23, 2024)
Initial startup capital secured by micro enterprises (MEs) in accommodation and food services 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/1299645/initial-startup-capital-among-mes-in-accommodation-and-food-services-in-nigeria/
