Nigeria, March 8 -- A staggering 30% of Nigeria's 24 million registered Micro, Small, and Medium Enterprises (MSMEs) shut down between 2023 and 2024, according to the Nigerian Economic Summit Group (NESG).

This revelation underscores the harsh economic climate that has forced thousands of small businesses to close despite their critical role in job creation and economic growth.

Key Challenges Facing Nigeria's Private Sector

Speaking at the launch of the 2025 Private Sector Outlook: Adapting to Economic Uncertainties for Growth and Resilience in Lagos, Segun Omisakin, NESG's Chief Economist and Director of Research, provided a comprehensive analysis of the private sector's struggles in 2024.

Omisakin identified several major obstacles ...