40% of Nigerian MSMEs are owned by women — NBS

A recent study conducted by Small Firm Diaries and published by the National Bureau of Statistics (NBS) has disclosed that 40 per cent of the Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are owned by women.

The report, titled ‘Country Data Overview,’ said, the fact that an encouraging 40 per cent of MSMEs in the country are owned by women, signifies Lagos as a significant step towards gender inclusivity in entrepreneurship.

Contrasting data from the World Bank, indicate that globally, firms with female representation in ownership stand at 32.9 per cent, the Nigerian figure surpasses expectations, showcasing a remarkable 16.8 per cent.

However, the study further revealed that, in large firms, female representation in ownership drops to a mere 12.2 per cent, indicating room for further progress in fostering gender diversity in bigger enterprises.

With MSMEs playing a critical role in the Nigerian economy, constituting 96 per cent of companies and employing 86 per cent of the total workforce, understanding their operations and dynamics becomes imperative.