PwC MSME Survey 2020
Defining MSMES...
The definition of MSMEs in terms of number of employees, total assets and annual turnover vary from country to country, and from one
organisation to another. Below are a couple of definitions from foremost SME-facing organisations in Nigeria.
In this report, the BOI definition/categorisation of MSMEs has been adopted.
Table 1: Bank of Industry's (BOI) Definition for Micro, Small, and Medium-size Enterprises
Enterprise category / Indicator
Number of Employees
Micro Enterprise
Small Enterprise
>11 ≤ 50
≤ 10
Total Assets (N)
≤ 5 million
> 5≤ 100 million
Annual Turnover (N)
≤ 20 million
≤ 100 million
Source: BOI
Table 2: SMEDAN National Policy on MSMEs Definitions
Indicator / Size of the Enterprise
Micro Enterprise
Number of Employees
Total Assets (N)
PwC MSME Survey 2020
PwC
< 10
<5 million
Small Enterprise
10 to 49
Medium-size enterprise
> 51 ≤ 200
> 100 ≤ 500 million
≤ 500 million
Medium-size enterprise
50 to 199
≥ 5 < 50 million
≥ 50500 million
June 2020
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