Nigerian Small Businesses Struggle Amid Declining Inflation
Despite a fifth consecutive month of declining headline inflation in Nigeria, small businesses, particularly SMEs, are struggling to survive due to high input costs, weak consumer demand, and diminishing profit margins. SMEs, which represent 96% of businesses in Nigeria and employ 80% of the workforce, are facing challenges such as inadequate infrastructure, insecurity, and unreliable power supply.
Experts emphasize the need for government support to address these structural issues and provide social safety nets for businesses and households. While inflation may be decreasing on paper, the reality of daily survival for small businesses remains a significant challenge.
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