Nigeria to conduct 4th survey on small businesses

Nigeria is gearing up to conduct its fourth survey on small businesses, with a focus on introducing the concept of nano enterprises and assessing the impact of the COVID-19 pandemic on business operations. The previous surveys conducted in 2010, 2013, and 2017 provided valuable insights into the SME market in Nigeria. However, the inclusion of nano enterprises in the upcoming survey aims to provide a more detailed understanding of the small business landscape in the country. Monday Ashibogwu, the National Publicity Secretary of the Nigerian Association of Small and Medium Enterprises, emphasized the importance of categorizing businesses based on their size to facilitate better access to funding and resources. Additionally, the survey will delve into how SMEs are adapting to the 'new normal' post-pandemic economy. This comprehensive analysis will not only help in planning and decision-making but also shed light on the challenges and opportunities faced by small businesses in Nigeria. One of the key themes of the upcoming survey is to capture the nuances of nano enterprises, which represent a growing segment of the SME market. By differentiating between nano, micro, and small enterprises, policymakers and stakeholders can tailor their support mechanisms to address the specific needs of each category. The classification of businesses based on size will enable a more targeted approach towards providing necessary assistance, such as funding, capacity building, and access to technology. This nuanced understanding of the SME sector will contribute to a more accurate depiction of the business landscape in Nigeria. The impact of the COVID-19 pandemic on businesses globally has been profound, and Nigeria is no exception. With many SMEs forming the backbone of supply chains for multinational corporations, it is crucial to assess how these businesses are coping with the challenges posed by the pandemic. The survey will provide insights into the strategies adopted by SMEs to navigate the post-pandemic economy, as well as identify areas where targeted support is required. While issues like insecurity, taxes, and infrastructure are important, the focus on COVID-19 in the survey reflects the evolving nature of business operations in the wake of the pandemic. In terms of timelines, Ashibogwu highlighted the importance of conducting the survey thoroughly to ensure the accuracy and reliability of the data. Rushing through the process could compromise the quality of the results, which is why a comprehensive review and analysis are essential. While there is a sense of urgency to understand the current state of SMEs in Nigeria, the need for meticulous data collection and analysis takes precedence. By following a rigorous process, the survey aims to provide valuable insights into the challenges and opportunities faced by small businesses in the country. As Nigeria prepares to embark on its fourth survey on small businesses, the inclusion of nano enterprises and the focus on the post-pandemic economy mark a significant step towards understanding the dynamic landscape of SMEs in the country. The survey's outcomes are expected to inform policy decisions, support mechanisms, and investment strategies aimed at bolstering the small business sector. By capturing the intricacies of business operations amidst the challenges of the COVID-19 pandemic, the survey is poised to offer a comprehensive analysis of the SME market in Nigeria. Stakeholders and policymakers await the results of the survey with anticipation, as they seek to drive sustainable growth and resilience within the small business sector.