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Economic challenges slash Nigeria’s small-scale industrialists by nearly half in two years 

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The number of small-scale industrialists in Nigeria has experienced a sharp decline over the past two years as businesses struggle with economic challenges in the country. 

The 2023 Social Statistics Report by the National Bureau of Statistics (NBS) highlights a 45% decrease in the total number of individuals operating as small-scale industrialists across various economic sectors, dropping from 246,200 in 2020 to 170,098 in 2022. 

 

The aggregate data shows a sharp overall decline in the number of small-scale industrialists across various sectors. In 2020, there were a total of 246,200 small-scale industrialists, which decreased to 213,402 in 2021 and further dropped to 170,098 in 2022. 

Several factors likely contribute to the decline in the number of small-scale industrialists in Nigeria. These include economic instability, policy and regulatory challenges, access to finance, infrastructure deficiencies, and the impact of the COVID-19 pandemic. 

The significant decline in the number of small-scale industrialists in Nigeria has far-reaching implications for the country’s economy. Small-scale industries are a critical component of Nigeria’s economic structure, providing employment opportunities, contributing to GDP, and fostering innovation and entrepreneurship.

The 45% reduction in this sector could lead to higher unemployment rates, reduced economic diversification, and diminished economic resilience.  

The decline further affirms the need for targeted interventions to support small businesses, which are crucial for economic growth and employment. 

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