As of 2020, the informal sector in Nigeria recorded around 38.4 million registered micro enterprises. Compared to 2017, the number decreased by roughly eight percent. Most micro businesses in the country received an initial startup funding of less than 50,000 Nigerian naira (corresponding to 120 U.S. dollars) in the said year.
Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020
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). Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020 [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020." Chart. August 13, 2021. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. (2021). Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria. "Number of Informal Micro Enterprises (Mes) in Nigeria in 2017 and 2020." Statista, Statista Inc., 13 Aug 2021, https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/
Small and Medium Enterprise Development Agency of Nigeria, Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020 Statista, https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/ (last visited November 03, 2024)
Number of informal micro enterprises (MEs) in Nigeria in 2017 and 2020 [Graph], Small and Medium Enterprise Development Agency of Nigeria, August 13, 2021. [Online]. Available: https://www.statista.com/statistics/1299743/number-of-informal-micro-enterprises-in-nigeria/
