A recent study conducted by the National Bureau of Statistics and the Financial Access Initiative research center of New York University has unveiled that many small businesses in Nigeria generate an average monthly revenue of N223,250.

The study compared Nigerian firms to those in other countries and found that they earn less than their counterparts.

Approximately 46% of the firms surveyed reported earning less than N223,250 monthly (PPP USD 1,547).

The report, titled ‘Nigeria Small Firm Diaries,’ was part of a global research project supported by the Mastercard Center for Inclusive Growth, the Bill & Melinda Gates Foundation, and the Argidius Foundation.

The study focused on 161 small businesses in urban, suburban, or semi-rural areas in Enugu, Kaduna, and Lagos, representing light manufacturing, agri-processing, and services industries.

The research revealed that Nigerian small businesses face earnings volatility due to fluctuations in revenue and expenses.

However, they exhibit high rates of bank account ownership, with 97% of small firm owners in Nigeria having business bank accounts, surpassing countries like Kenya, Colombia, and Indonesia in this regard.