By Dr Folasade Femi-Lawal, country manager, West Africa, Mastercard
Across Africa, micro, small and medium-sized enterprises (MSMEs) are proving remarkably resilient and ambitious, growing and adapting even in a demanding economic climate. Nowhere is that energy more visible than in Nigeria. Home to nearly 40 million MSMEs, according to SMEDAN, these businesses are the backbone of the country’s economy, driving innovation, creating jobs and supporting livelihoods across communities.
These businesses have spent years building stability. Now they are building scale.
Mastercard’s newly released SME Confidence Index, a multi-market study spanning Africa and wider EEMEA region, captures that momentum. It found that 81% of Nigerian SMEs are optimistic about the next 12 months and 68% expect revenue growth. Most significantly, every business surveyed (100%) agreed that digital and online payments are critical to their future success.
The findings reveal more than optimism. They provide a clear blueprint for growth. Nigerian SMEs are investing in their people, embracing digital technologies, seeking access to capital and reaching beyond traditional boundaries to win new customers and markets.
