PwC MSME Survey 2020
What are the economic issues affecting your business?
22%
Pressure to
reduce prices
Source: PwC analysis
PwC MSME Survey 2020
PwC
19%
16%
14%
14%
10%
4%
Rising inflation Low demand
for products
rates
and services
High interest High exchange All of the above My business is
rates
not being
impacted by the
Economy
CKS COFFEE
The foremost economic issue affecting businesses is the pressure to
reduce prices. This is due to the second and third economic issues
faced rising inflation and low demand for products and services.
The economic recovery in Nigeria has been tepid. Despite positive
economic growth in the last 3 years, Nigeria's GDP trajectory still falls
short of the projections set in the Economic Recovery and Growth
Plan (ERGP) of 4.5% and 7% for 2019 and 2020 respectively.
Nigeria's economy needs to be growing at an average rate of at least
5 to 7% to boost productivity and sustainable growth for businesses.
Meanwhile, challenges such as high costs of borrowing and decline in
disposable incomes, as well as weak consumer demand continue to
dampen performance.
Despite the economic issues, 4% of business owners surveyed
revealed that their businesses are not being impacted.
June 2020
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