NewStats: 3,263,952 , 8,182,067 topics. Date: Monday, 09 June 2025 at 02:10 AM 1y2u3b

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

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 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.

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

Omoh, agbado man dun finally destroy this country. 7 million businesses in just 2 years? And some clowns are talking about 2027?

Chai, make I go check whether my PVC dey intact!

Tinubu is a disaster

Tinubu is a disastrous president

Sobalim:
Tinubu is a disastrous president

Bobloco:
Tinubu is a disaster

BIG DISASTER!

No be only 7 million businesses.

You for say 70 million.

Nonsense.

How many new businesses emerged.

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

From Tragedy - Buhari, to Disaster - Tinubu.

Give it up for Ronus.

Just like the devil, E-Bola and agbadorians have come to steal, kill and destroy.

Ipobs. sabi count oooo! 7 million Nobe 7.1 million Abi Idiotic nuisances !

The Great Tinubulation has destroyed millions of businesses and millions of lives.

Thïefnubu is a fallen demon on a 3-fold mission to Steal, to Kill and to Destroy.

Developers 2by2 shops included I guess

Sad but true

Na wa

But it is intentional. This is what he wants to achieve

If the economy is growing at 3.7 percent in previous quarter , then many new business are also opening .

else we would have been in a recession , it does not require rocket science .

The same Yoruba and ibo pigs who are always bleating 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 just like the ibo pigs. These two cursed pigs have tly 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 the ibo pigs helped them.

E harr o in Calabar man English

Still counting.... I knew Tinubu will be worst than Buhari.. It was very obvious.

I could see it,when he said it's his turn.

7 million businesses? Why not 100M? 🤣

News Outlet: SaharaReporters

Conclusion: Another piece of Junk from Sowore

What were the metrics used to arrive at this figure?

We need to review and rebate the metrics.

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

Tinubu should be made the minister of Owambe affairs and leave economics to those who understand what they are doing! How can you allocate 12 billion dollars to a hare-brained ecological disaster like the so-called coastal road at a time when Nigeria lacks the electric power to push production?

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 tly 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.

Your comments all over Nairaland shows you are actually the pig.

Which state are you from?

😅

The research is very simple. Take a look at your neighborhood, how many barbing /hair salons are still operating because of the high cost of fuel. The man is a disaster

helinues:
How many new businesses emerged.

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

Even those new businesses will soon fold up.
And added to the 7million soon

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

We need to review and rebate the metrics.

Sit down there dey find metrics upandan

This is the more reason why Tinubu MUST be voted out in 2027.

single business didn't emerge, can you name any?

helinues:
How many new businesses emerged.

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

Chances of surviving for the first 0-5years for any business, especially MSMEs is less than 15%

It is even worse in a place like motherland Africa, fatherland Nigeria.

To add salt o injuries, it harder if the business operates physically (in a brick and mortar building), cos bills are higher in this case.

Hence some of us are operating hybrid and aim to pivot fully to an online based startup.