PwC MSME Survey 2020

Insights on the MSME sector in Nigeria (1 of 3) Nigeria's MSMEs account for 96% of the total number of businesses in the country and contribute about 50% to the national GDP. In terms of ownership structure, 73% of MSMEs are sole proprietorships while 14% are private limited liability companies. The balance of 13% are Partnerships (6%), Faith based organisations (5%), Cooperatives (1%) and Others (1%). In terms of gender, only 23% of females operate formal SME businesses in Nigeria. SME owners in Nigeria are typically between the ages of 20 to 60 years old. Ownership structure of SMEs 1% 5% 1% Country South Africa USA % of businesses GDP Employment 6% 99% 52% 29% > 99% 44% 48% UK 99.7% 51% 54% 14% ■SOLE PROPRIETORSHIP ■PARTNERSHIP ■PRIVATE LIMITED LIABILITY ■COOPERATIVE 73% ■FAITH BASED ORGANISATION Source: NBS, SMEDAN, PwC analysis ■ OTHER Germany 99.5% 54% 63% SME Ownership Age 20-60 years Nigeria 99.8% 49% 84% 23% 77% Source: European Commission, U.S. SBA, FMITI, PwC research PwC MSME Survey 2020 PwC June 2020 7

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