Financial constraints impairing growth of small businesses in Nigeria — FATE Foundation
28 November 2021 |
4:02 am
Lack of financial support has been described as major impediments to growth of small-scale businesses in Nigeria.
Lack of financial support has been described as major impediments to growth of small-scale businesses in Nigeria.
Latest report by FATE Foundation on business performance in Nigeria, revealed that limited access to finance, inadequate infrastructure, poor financial management and government policies, poor capacity and insecurity are leading collapse of many small scale businesses in the country.
The report obtained by The Guardian, described entrepreneurship as “fairly strong” in Nigeria, and insisted that government must intensify efforts to improve the operating environment for young businesses by addressing core traditional and non-traditional issues.
It stated: “Most businesses set up by entrepreneurs have been successful, with 66 per cent of respondents affirming that the businesses they have set up have been successful as against 34 per cent that said their businesses failed.”
The Executive Director of FATE Foundation, Adenike Adeyemi, said entrepreneurship remained a powerful force and an important influencer for driving innovation, productivity, job creation and economic growth.
“Nigeria’s entrepreneurship prowess has for a long time been clearly evident. FATE Foundation’s inception, 21 years ago, was on the basis that entrepreneurship would be a key driver for boosting productivity, job creation and economic growth. Since then, that theory has continuously been validated with Nigerian entrepreneurs delivering on innovation, promoting inclusion, leading to positive socio-economic impact and economic growth,” she stated.
The report ranked Abia state the highest with a score of 0.8 in entrepreneurship, closely followed by Imo (0.79) and Delta (0.77).
Oyo State on the other hand trails other states, showing the lowest score of 0.51. The bottom five states include Zamfara, Niger, Oyo, Kebbi and Adamawa States.
Related
2 days ago
The Peoples Bank of China (PBC) on Friday revealed that it has renewed a bilateral currency swap agreement with its Nigerian counterpart
2 days ago
The federal government says it's leaving no stone unturned to attract foreign investors in the new year and rebrand the country's battered image abroad. Towards this end, the government is expected to sign a two-year tenure initiative with global media company, Bloomberg, to help revive the country's ailing economy. This was contained in a statement…
2 days ago
Japanese stocks rose Friday on a weaker yen after a muted day on Wall Street following the Christmas holiday.
2 days ago
Stanbic IBTC Bank, the flagship subsidiary of Stanbic IBTC Holdings, has announced a strategic partnership with Carloha, an auto showroom specialising in the retail sale and after-service of the Chery brand of vehicles.
2 days ago
The Nigerian Communications Commission (NCC) has approved the renewal of the spectrum lease agreement between MTN Nigeria Communications Plc and Natcom Development and Investment Limited (NTEL).
2 days ago
Nigeria has incurred over N199.1 billion electricity subsidy across eleven distribution companies (DisCos), which cover the 36 states and the Federal Capital Territory (FCT).
2 days ago
The proposed borrowing of about N9.3 trillion discretionary loans to partly finance the N13.4 trillion deficit in the proposed 2025 budget can worsen Nigeria’s debt problem, says Professor Uche Uwaleke, Director of the Institute of Capital Market Studies at the Nasarawa State University.
2 days ago
Access Holdings Plc said it has secured the full regulatory approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of its recently closed right issue of 17,772,612,811 ordinary shares at N19.75 Kobo per share and has raised the target amount of N351,009,103,017.25.
2 days ago
Gov. Charles Chukwuma Soludo has signed the N606.99 billion 2025 budget into law, promising to focus on key infrastructural development initiatives that will turn Anambra state into an investment and business destination.
2 days ago
In a deal that will help to advance Nigeria’s oil production target, Ardogreen Energy Limited and its parent companies, Messrs Ardova Plc and Petrodev Oil and Gas Limited have formalised a risk service agreement with Messrs HSI Energies Limited for the development of the Olua Field.
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.