This is the second in our series of surveys that provide insights into a range of issues concerning MSMEs in Nigeria, and the challenges impacting business growth, particularly financing, taxation issues; and other factors - through the eyes of their CEO's.
Our report of our first survey in 2020 presented insights from 1629 key decision makers in the MSME sector with annual sales turnover ranging from N5 million and above. The businesses surveyed had a geographical spread covering 29 states and across the 6 geopolitical zones in the country.
Key findings of the 2020 survey included:
* Obtaining finance, finding customers and infrastructure deficits are the most pressing problems of SMEs.
* Electricity is responsible for the highest cost to operations followed by rent and cost of capital
* Top economic issues are pressure to reduce prices, rising inflation and low demand for products and services.
* Local government levies are the most difficult taxes to comply with.
* MSMEs would prefer private equity over debt financing
We invite you to complete the 2022 Survey and share insights to help us gauge the experiences of sector players, assess the underlying issues which MSMEs face and provide insights on this.