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40% of MSMEs in Nigeria are owned by women

2 years ago
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40% of MSMEs in Nigeria are owned by women 

A new study by Small Firm Diaries published by the National Bureau of Statistics (NBS) shows that 40% of Micro Small and Medium Enterprises (MSMEs) in Nigeria are owned by women.

The report titled “Country Data Overview” reveals that only 12% of MSMEs are co-owned between men and women as 48% are owned by men alone.  

The study contrasts a World Bank report which states that globally firms with female representation in ownership were 32.9% and in Nigeria, the figure was just 16.8%. For large firms, the figure dropped to just 12.2%.  

The study was conducted to understand the role and operations of MSMEs in the country as they make up 96% of companies and 86% of total employment in Nigeria.  

The report collated data from 161 firms in Enugu, Kaduna and Lagos states across light manufacturing, agri-processing and services.  

MSME revenue 

According to the study, the average annual revenue for MSMEs in Nigeria is N2.3 million while the operating margin is N768,000.  

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Going further, 62% of MSMEs had a monthly revenue lower than N300,000 as 47% had monthly revenue lower than N200,000.  

MSME adoption of the financial system 

The report showed that an overwhelming majority (97%) of MSMEs had a bank account but less than 50% used it regularly.

Around 47% of MSMEs owned by men took loans to support their business while 45% of female-owned MSMEs used credit facilities.  

For MSME adoption of digital financial services (DFS), over 80% claim to own a debit card and 65% made use of mobile banking services and 56% claim to use POS machines.

However, only 5% of MSME owners in Nigeria had used a credit card according to the study.  

However, the amount of loans taken differed greatly between the genders. While men received an average of N93,000, that for females was N57,000. 

Problems using DFS 

When quizzed on problems encountered in using Digital Financial Services (60%) claim the major problem encountered was money arriving late.

Around 30% complained that loss of access and missing money was their major problem in using DFS. 

Around 63% of respondents in the study reported using DFS because someone was paying them through the medium. 

In terms of the adoption of technology for their businesses, more than 50% of MSME owners claim that cost is the major barrier to the use of technology. Around 27% stated the skill required was the barrier.  

What you should know

MSMEs are said to be the spine of the Nigerian economy as they employ more people than the formal sectors.

SMEDAN defines MSMEs as micro businesses as one employing 1 to 10 workers, with assets of less than NGN 5 million, and a small business as one employing 10 to 49 workers, with assets of NGN 5 to 50 million.  

Source: nairametrics
Via: norvanreports
Tags: 40% of MSMEs in Nigeria are owned by womenMSMEsNigeria
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