Number of Small Scale Industrialists in Nigeria see significant decline

The NBS recently published a social statistics report indicating a significant decrease in the number of Small Scale Industrialists, that is, the number of people involved in small-scale industrial activities across various economic sectors.

The report, which covers the period from 2020 to 2022, examines key socioeconomic indicators in Nigeria. It specifically looks at the number of small-scale industrialists in seven sectors: manufacturing, mining, agriculture, wholesale and retail, ICT, education, and real estate.

Drop in the Number of Small Scale Industrialists in Nigeria

The total count of small scale industrialists in these sectors dropped by 31 percent, from 246,200 individuals in 2020 to 170,098 individuals in 2022. This decline can be attributed to various factors such as inadequate infrastructure, disruptions caused by the COVID-19 pandemic, and limited financial access.

Moreover, macroeconomic uncertainties like high inflation rates, frequent policy alterations, and expensive borrowing costs negatively impact the sustainability and growth of small-scale industries. To tackle these issues, it is crucial for the government to heavily invest in reliable electricity, transportation, and internet services to facilitate business activities.

Additionally, creating a stable economic environment that supports small enterprises and fosters a conducive climate for the development of small scale industrialists is essential.