In 2020, the majority of the micro-enterprises (MEs) within the manufacturing sector in Nigeria - nearly 863,000 - each received an initial startup funding that was less than 50,000 Nigerian naira (NGN), equivalent to roughly 120 U.S. dollars. In contrast, 12,794 micro-enterprises 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 funding secured by micro enterprises (MEs) in the manufacturing 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 funding secured by micro enterprises (MEs) in the manufacturing sector in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial startup funding secured by micro enterprises (MEs) in the manufacturing sector in Nigeria in 2020 (in 1,000 Nigerian naira)." Chart. August 13, 2021. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Initial startup funding secured by micro enterprises (MEs) in the manufacturing sector in Nigeria in 2020 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial Startup Funding Secured by Micro Enterprises (Mes) in The Manufacturing Sector in Nigeria in 2020 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria, Initial startup funding secured by micro enterprises (MEs) in the manufacturing sector in Nigeria in 2020 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/ (last visited December 22, 2024)
Initial startup funding secured by micro enterprises (MEs) in the manufacturing 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/1299654/initial-startup-capital-among-mes-in-manufacturing-in-nigeria/
