Economy
MSMEs Need N13trn to Survive Current Nigerian Economic Crisis—PwC
By Adedapo Adesanya
Micro, small, and medium-scale enterprises (MSMEs) in Nigeria require an estimated N13 trillion ($32.2 billion) in financing to survive the current challenging operational environment, a new study by PwC Nigeria shared with Business Post has revealed.
PwC Nigeria, in its 2024 MSMEs Survey, provided insights into the trends, challenges, and strategies essential for small businesses in Nigeria to build resilience to succeed in a dynamic landscape.
In a statement that accompanied the PwC MSME Survey 2024 titled Building Resilience: Strategies for MSME Success in a Changing Landscape, an in-depth analysis of their operations, macroeconomic conditions, financing, digitalisation, and regulatory and fiscal environment based on 567 MSMEs across 13 sectors and 29 states were looked into.
It was revealed that the MSMEs’ growth potential in Nigeria was stunted by funding gaps, power outages, and over-taxation. Others include inadequate skilled labour, insecurity, and government policies.
In terms of funding, 35 per cent of the businesses surveyed cited inadequate access to finance as their number one challenge, with PwC noting that micro and small enterprises, particularly in agriculture and retail, need loans under $20,000.
“However, limited private sector lending, poor infrastructure, and lack of documentation hinder access to credit. While digital finance is emerging, innovation is crucial to bridge the gap and serve MSMEs effectively,” the statement noted.
The survey also found that infrastructure challenges, particularly electricity, account for the biggest costs to the daily operations of MSMEs with unreliable power supply a major challenge for 21 per cent of businesses.
“Nigeria’s power sector faces numerous issues, including deteriorating plant capacities, poor maintenance, inadequate gas supply, limited distribution networks, and the commercial viability of DisCos operations,” PwC noted.
Other structural challenges include multiple taxation (12 per cent), inadequate skilled labour (11 per cent), and insecurity (10 per cent).
These challenges have harmed the business environment, contributing to significant economic costs for MSMEs and the broader economy.
Speaking on this, Mr Sam Abu, Country Senior Partner, PwC Nigeria, “MSMEs continue to contribute significantly to the global economy, creating jobs, generating income, and fostering skills development. These contributions make the sector pivotal to Nigeria’s growth, especially now given our country’s current challenges.
“However, the sector’s full potential remains untapped due to persistent challenges that hinder its ability to lift people out of poverty and drive the economy forward. Despite these challenges, Nigerian MSMEs have demonstrated remarkable adaptability in navigating a complex business environment characterised by challenging macroeconomy and government policies, highlighting their potential to drive economic growth.”
On her part, Mrs Abisola Atitebi, Partner, and Head, MSME Help Desk, PwC Nigeria, added that, “MSMEs are a key driver of Nigeria’s economy, and their success is crucial for overall economic growth.
“The PwC MSME Survey 2024 highlights the sector’s resilience despite facing significant challenges such as macroeconomic headwinds, limited financing, and the urgent need for digital transformation.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
