• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigerian SMEs optimistic about growth in remaining months of 2023

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
58
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

UEFA Champions League: Five Exciting Fixtures to Keep an Eye on

BoG 2nd Deputy Governor Urges Firms to Move Beyond Tokenism in Promoting Women to Leadership Roles

Market Activity Slows as Prime Index Marginally Edges Higher to 7,340.08 Points

Nigerian SMEs optimistic about growth in remaining months of 2023

Small and medium-sized enterprises (SMEs) in Nigeria are gearing up for a promising conclusion to 2023, with a significant 78% of them forecasting either steady or increased revenues in the remaining months of the year.

These encouraging insights are part of the second edition of the Mastercard SME Confidence Index, focusing on the Eastern Europe, Middle East, and Africa (EEMEA) region.

The study, which assessed the pandemic’s impact on SMEs and their digitalisation efforts, now reveals that 63% of Nigerian SMEs feel confident about their growth prospects.

However, as SMEs chart their course towards recovery in the remaining months of 2023, the rising cost of doing business (55%) and concerns about securing capital funding (42%) have emerged as key challenges.

The level of optimism varies among micro and small businesses (63%) and their medium-sized counterparts (33%), but overall, six out of ten Nigerian SMEs are looking forward to a brighter future in the remaining months of the year.

Ebehijie Momoh, Country Manager & Area Business Head for West Africa at Mastercard, expressed optimism about the SMEs’ resilience and said, “At Mastercard, we are committed to supporting small businesses and merchants, helping them access credit, providing insights, and enabling digital solutions.”

He added that Mastercard, leveraging its network and technology, aims to facilitate fast electronic payments, drive business growth, and enhance cybersecurity in the remaining months of 2023.

Omnichannel Payment Solutions Seen as Biggest Opportunity

Nigerian SMEs are increasingly recognising the importance of omnichannel payment solutions in meeting the needs of their customers. The Mastercard SME Confidence Index found that 97% of Nigerian SMEs see omnichannel payment solutions as their most significant opportunity.

Omnichannel payment solutions allow businesses to accept payments from customers through various channels, including online, in-store, and mobile. This flexibility is essential for businesses that want to reach a wider customer base and provide a seamless shopping experience.

Rising Cost of Doing Business and Access to Capital Key Challenges

Nigeria’s annual inflation rate climbed to 25.8% in August 2023, from 24.08% in July

Despite their optimism for the future, Nigerian SMEs are facing some key challenges, such as the rising cost of doing business and access to capital funding.

The Mastercard SME Confidence Index found that 55% of Nigerian SMEs are concerned about the rising cost of doing business. This is a significant challenge, as businesses are already struggling to operate profitably in the current economic environment.

In addition, 42% of Nigerian SMEs are concerned about securing capital funding. This can make it difficult for businesses to invest in growth and expansion.

Source: business insider africa
Via: norvanreports
Tags: Nigerian SMEs optimistic about growth in remaining months of 2023SMEs
No Result
View All Result

Highlights

US Open: Sinner Advances as Gauff and Swiatek Struggle

Unemployment Rate Falls to 13.1% but Youth Joblessness Remains Acute, Says GSS

Chamber of Mines Calls for Special Purpose Vehicle to Fund Western Corridor Railway Development

African Debt and Climate Change: How the ICJ’s Vanuatu Ruling Could be Used for Broader Justice

European Leagues Defend Plans to Stage Matches Abroad Amid EU Criticism

Bank of Ghana Sets Gold Coin Price at GHS 39,273 Per Ounce

Trending

Features

UEFA Champions League: Five Exciting Fixtures to Keep an Eye on

August 29, 2025

UEFA Champions League: Five Exciting Fixtures to Keep an Eye on The stage is set for the...

BoG 2nd Deputy Governor Urges Firms to Move Beyond Tokenism in Promoting Women to Leadership Roles

August 29, 2025

Market Activity Slows as Prime Index Marginally Edges Higher to 7,340.08 Points

August 29, 2025

US Open: Sinner Advances as Gauff and Swiatek Struggle

August 29, 2025

Unemployment Rate Falls to 13.1% but Youth Joblessness Remains Acute, Says GSS

August 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.