In 2020, the majority of micro-enterprises (MEs) in the mining and quarrying sector in Nigeria - over 24,000 businesses - each received an initial startup funding that was less than 50,000 Nigerian naira (NGN), equivalent to roughly 120 U.S. dollars. In contrast, 2,815 micro-enterprises in the same sector each secured an initial startup capital between 801,000 NGN and 900,000 NGN (between roughly 1,927 and 2,165 U.S. dollars).
Initial startup funding secured by micro enterprises (MEs) in the mining and quarrying 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 mining and quarrying sector in Nigeria in 2020 (in 1,000 Nigerian naira) [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial startup funding secured by micro enterprises (MEs) in the mining and quarrying sector in Nigeria in 2020 (in 1,000 Nigerian naira)." Chart. August 13, 2021. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Initial startup funding secured by micro enterprises (MEs) in the mining and quarrying sector in Nigeria in 2020 (in 1,000 Nigerian naira). Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Initial Startup Funding Secured by Micro Enterprises (Mes) in The Mining and Quarrying Sector in Nigeria in 2020 (in 1,000 Nigerian Naira)." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria, Initial startup funding secured by micro enterprises (MEs) in the mining and quarrying sector in Nigeria in 2020 (in 1,000 Nigerian naira) Statista, https://www.statista.com/statistics/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/ (last visited November 03, 2024)
Initial startup funding secured by micro enterprises (MEs) in the mining and quarrying 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/1299695/initial-startup-capital-among-mes-in-mining-and-quarrying-in-nigeria/
