Nigeria’s entrepreneurial spirit faces pressure, yet it still drives forward.
A new report shows that although the pace of new business creation dropped to its lowest in three years, many entrepreneurs continue to adapt, adjust and chase opportunities in a difficult climate.
Harsh Economy Fuels Decline
The State of Entrepreneurship Report from the FATE Institute highlights the shift.
Business birth rates dropped to 24% in 2024, down from 30% the year before.
Meanwhile, the country’s entrepreneurial index slid to 0.46, revealing fewer start-ups, limited job creation and weak adoption of new skills.
Economic pressures fuelled this decline.
Inflation soared to a near thirty-year high after the government devalued the naira and scrapped fuel subsidies.
As a result, businesses fought to stay afloat.
Nevertheless, 68% of entrepreneurs plan to expand in 2024, showing resilience, even if cautious.
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States Show Mixed Fortunes
Across the country, states moved in different directions.
Anambra and Ebonyi surged ahead, ranking highest on the entrepreneurial state index with vibrant new ventures, thriving female-led businesses and stronger access to finance.
By contrast, Niger, Cross River and Zamfara lagged far behind.
The report urges government to act decisively.
Policymakers must stabilise the economy, boost non-oil exports, expand access to finance and invest in incubator programmes for youth and women.
Ultimately, Nigerian entrepreneurs refuse to give up.
They continue to push forward, waiting for conditions that will allow their resilience to spark real growth.
