3 Out of 10 Nigerians in 2024 Are Entrepreneurs, According to a New Report
An earlier report by Moniepoint highlighted the proliferation of informal businesses in Nigeria.
The growth of this sector is directly linked to the country’s high unemployment rate and the challenges Nigerians face when trying to run a business with all due protocols.
Said challenges have forced many aspiring business owners to opt for an alternative that exempts them from numerous barriers including ridiculous business taxes.
This showed that adults in the country are keen on owning a business regardless of how formal it is.
A new report by PiggyVest also touched on this point, noting that 3 out of 10 Nigerians in 2024 are entrepreneurs.
This, according to the report is due to a few factors, including, increased access to the internet, a higher unemployment rate, and a growing youth demographic.
Despite the aforementioned point, as presently constituted, Gen Zs stand as the generation with the least business owners.
With that said, of the four predominant generations, here is how much businesses they each control.
The study also found that women are more likely than males to be entrepreneurs, with 23% of men and 27% of women likely to be business owners.
“Given their younger age, it is perhaps expected that Generation Z is the least likely generation of Nigerians to own a business, with only about 16% reporting business ownership.
In contrast, Generation X is most likely to own businesses with approximately 40% of respondents indicating that they are business owners,” the report reads.
“Millenials follow closely at 32%, while boomers demonstrate moderate entrepreneurial activity with 26% reporting ownership of a business.”
The report also adds that 8 out of 10 business owners run microbusinesses, or companies with less than nine employees. On the other hand, just one out of ten business owners operate a small firm with 10 to 49 employees, making them a distant second.
