62% of small firms earn less than N300,000 monthly – Report

More than half (62 percent) of small businesses in Nigeria have a median monthly revenue lower than N300,000 while 47 percent earn lower than N200,000, a new small firm diaries report has said.

The report which got its findings from 161 firms across three states such as Enugu, Lagos and Kaduna was conducted over the course of a 12-month period between August 2021 and August 2022.

Published by Michelle Kempis, global research manager at Financial Access Initiative Research Center of New York University and Timothy Ogden, managing director at FAI in partnership with the Nigerian National Bureau of Statistics and the Lagos Business School, the report aims to better understand small firms in low-income neighborhoods of developing countries.