₦airaland Forum

Fri, 7 Mar 2025 6:31:21 WAT

The Nigerian Economic Summit Group (NESG) has stated that the harsh economic environment in the country has led to the closure of about 30 per cent of Nigeria’s Micro and Small Medium Enterprises.

Dr. Segun Omisakin, Chief Economist and Director of Research at NESG, made the disclosure yesterday during the launch of the 2025 Private Sector Outlook, highlighting key economic trends, challenges, and opportunities for businesses navigating the evolving Nigerian economy.

According to him, “Between 2023 and 2024, multinational divestments and business closures led to an estimated 94 trillion Naira economic loss. Additionally, 30% of Nigeria’s 24 million registered MSMEs shut down during this period, underscoring the country’s economic vulnerability.”

Providing an in-depth analysis of the private sector’s performance and economic risks in 2024, he noted that while foreign exchange availability improved due to policy reforms, Nigeria’s currency depreciated significantly, with the official exchange rate averaging 1,479.9 Naira to the U.S. Dollar in 2024.

He noted that although trade surpluses and increased foreign capital inflows were recorded, fiscal constraints persisted, with public debt rising to 142.3 trillion Naira as of September 2024.

Looking ahead to 2025, Omisakin stressed the need for businesses “to adapt to economic uncertainties and employ strategic measures for growth and resilience.”

The Group also called for “Stronger collaboration between the public and private sectors, and ensuring that business associations like the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small-Scale Industrialists (NASSI), and the Nigeria Employers’ Consultative Association (NECA) be actively involved in economic decision-making.”

https://dailytrust.com/nigeria-lost-n94trn-to-business-closures-multinational-divestments-nesg/

Hmmm

This is the Tinubu's government wonder reality many macro-economies have to face under a failed propaganda government.

Expect more of them to fold up while the govt is wasting the scarce resources of the nation on investor-chasing jamborees.

FCT jumat Mubarak to all Muslim brother and sisters

NESG knows the solution and should proffer it and not tell us collaboration...

Tinubulation

I wonder how many families "it" has favoured

It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always get his advice from mad men!

Omo e no easy, more businesses will close down!

Starting a business in Nigeria 🇳🇬 should be added to the 1000 ways to die.

Since 2015, APC been racing over 200 Million people to destruction

Fake First class Economics, he built Lagos bla bla bla...😁😅😂🤣

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always got advices from mad men!

Is NESG speaking for fake drugs?
Why don't you Google NESG before making unintelligent posts

And yet,
Some junkies will still support tinibu's economic policies, sometime I ask myself if this man tinibu hears the cry of pple
This policies are not friendly with businesses,
And still expanding the tax rates,and d idiot is still borrowing,.

Paid online APC THUGS won't comment

What is the methodology adopted for this research? A research is as good as it's basis.

Kwara state should be number 1 on the list. The govo really messed up people's business, now many people are suffering cos of governor AA actions in the state. Well we do have 4 years to rethink and rewrite our mistakes. Guy sit tight cos this regimes looks like a long one. God will help us.

Country that has fallen. What is left is yoruba ronu hypocrisy. Tinubu should win again.after his tenure let him hand over to shetima. Then shetima to Mc Oluomo. We the Igbos has given up. It won't take time we must get this Biafra and build a nation we will be proud of.

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always got advices from mad men!

Your country is heading to it's grave by your Fake Accountant & Lagos builder, na Anambra and PO matters still wan kill you😁😅😂🤣

Ronu economic growth

Senseless government

How people continue to support evil government in nigeria against their life is interesting .

Ojuntana:
Is NESG speaking for fake drugs?
Why don't you Google NESG before making unintelligent posts

Just like I have just said,” IPOBs mentality are always off tangent !

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always got advices from mad men!

You are indeed senseless

I'm guessing some are waiting for directives from Aso-Rock (or wherever they get their direction) to know how to spin this narrative.

The FX market alone has grossly affected businesses in Nigeria within the past 18 months, not to talk of individuals.

That being said, how did NESG come about these numbers?

Cj4charles:
Your country is heading to it's grave by your Fake Accountant & Lagos builder, na Anambra and PO matters still wan kill you😁😅😂🤣

stupidity is not more than thar, they will engrossed in Stockholm syndrome instead of focusing and doing everything to better their lives
They will want to kill themselves for leaders who are trying by all means to take their lives with glaring evidence, if that's not stupidity, I wonder what it is

Rating:
I'm guessing some are waiting for directives from Aso-Rock (or wherever they get their direction) to know how to spin this narrative.

The FX market alone has grossly affected businesses in Nigeria within the past 18 months, not to talk of individuals.

That being said, how did NESG come about these numbers?

omokri has not seen the news ,he will soon give his own jaundice view

Bad policies have consequences

Tochitee:
It’s better than losing lives to anambra fake drugs! Nothing is as important as saving lives . I know This will be difficult for IPOBs to understand for the fact that their patron always got advices from mad men!

Try and have sense small. I know it is a hard task for you, but try because your brain is hollow, filled with bad air of ethnic hatred and because your brain is hollow, it echoes too loud when you say rubbish.

surgical:
stupidity is not more than thar, they will engrossed in Stockholm syndrome instead of focusing and doing everything to better their lives
They will want to kill themselves for leaders who are trying by all means to take their lives with glaring evidence, if that's not stupidity, I wonder what it is

That guy is not stupid oo..he is just earning his daily bread.guess today he is tired of logging into different monikers to support his post .lol

Tochitee:
Just like I have just said,” IPOBs mentality are always off tangent !

Just like I have just said, "You lack basic intellectual ability to comment intelligently on issues". That's why you're hiding under IPOB trolling

VeeVeeMyLuv:
Fri, 7 Mar 2025 6:31:21 WAT


https://dailytrust.com/nigeria-lost-n94trn-to-business-closures-multinational-divestments-nesg/

This is why Tinubu's subsidy removal, the way it was done, produces a NET LOSS. Those who think it was a good move because we're seeing some ill-defined "gains" are misguided.

APC- led government destroyed many gains made by PDP-led government.