The Chief Economist and Director of Research at the Nigerian Economic Summit Group (NESG), Mr. Segun Omisakin, says that about 30 per cent of Nigeria’s 24 million registered Micro, Small, MediumEnterprises (MSMEs) were shut down between 2023 to 2024.
Speakingg at the the launch of 2025 Private Sector Outlook: Adapting to Economic Uncertainties for Growth and Resilience in Lagos, Mr. Omisakin said that the challenges faced by the Nigerian private sector included foreign exchange shortages, insecurity, inadequate infrastructure, and limited market access.
Providing an in-depth analysis of the private sector’s performance and economic risks in 2024, he highlighted the struggles faced by Nigeria’s private sector and noted that while foreign exchange availability improved due to policy reforms, Nigeria’s currency depreciated significantly, with the official exchange rate averaging N1,479.9 to the U.S. dollar in 2024.
According to him, trade surpluses and increased foreign capital inflows were recorded, yet fiscal constraints persisted, with public debt rising to N142.3 trillion as of September 2024.
The statement by the Acting Head, Strategic Communication and Advocacy, of the NESG, AyanyinkaAyanlowo, quoted Omisakin as saying that businesses need to adapt to economic uncertainties and employ strategic measures for growth and resilience.
He outlined NESG’s framework of economic stabilisation, consolidation, and acceleration, emphasising the importance of monitoring reform efficacy and implementing policies that enhance private sector competitiveness.
GIK/APA