₦airaland Forum

Nigeria’s economic downturn has led to the closure of approximately 7.2 million businesses between 2023 and 2024 under the President Bola Tinubu-led government, exacerbating concerns about the country’s financial stability.

During this period, Nigeria recorded an estimated N94 trillion loss due to multinational divestments and business closures, according to Dr. Segun Omisakin, Chief Economist and Director of Research at the Nigerian Economic Research Group (NESG).

He made this revelation during the launch of the 2025 Private Sector Outlook report.

Omisakin highlighted that unfavourable economic conditions led to the shutdown of about 30% of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

Given that the country has an estimated 24 million MSMEs, this means around 7.2 million businesses have ceased operations within the past year.

“Between 2023 and 2024, multinational divestments and business closures led to an estimated N94 trillion economic loss. Additionally, 30% of Nigeria’s 24 million MSMEs shut down during this period, underscoring the country’s economic vulnerability,” he stated.

The alarming rate of business closures comes amid rising inflation, high operational costs, and increasing economic uncertainty.

Entrepreneurs and business owners in Nigeria have faced escalating fuel prices, transportation costs, and an overall inflation crisis, making it difficult for many enterprises to stay afloat.

As the cost of doing business continues to rise, stakeholders have called on the government to implement urgent policy interventions to stabilize the economy and support struggling businesses.

The NESG report further emphasised the need for improved economic policies, investment incentives, and infrastructure development to revive the private sector and restore investor confidence.

Nigeria’s business landscape remains fragile, and without strategic reforms, the trend of business closures and capital flight may persist, further deepening the country’s economic challenges.

Sobalim:
Tinubu is a disastrous president

Bobloco:
Tinubu is a disaster

Heavens1stson:
Over 7 Million Businesses Shut Down In Nigeria In Tinubu's Two Years Amid Economic Crisis – Report



https://saharareporters.com/2025/03/10/over-7-million-businesses-shut-down-nigeria-tinubus-two-years-amid-economic-crisis

Dawn91:
The same Yoruba and ibo pigs who are always blestimg over a thread about Rivers state will now come here and be fighting over stupidity.

Truth be told the Yoruba pigs are a cursed tribe kist like the ibo pigs. These two cursed pigs have jointly ruined Nigeria.
The Yoruba pigs are only good at lies deceit human rituals and fake stats , and they used these to ruin the economy while spinning propaganda and they ibo pigs helped them.

helinues:
How many new businesses emerged.

As you are counting the losses, count the blessings as well

Parydelegate:
What were the metrics used to arrive at this figure?

We need to review and rebate the metrics.

helinues:
How many new businesses emerged.

As you are counting the losses, count the blessings as well