Declining revenue plagues Nigerian SMEs amidst triple Crisis, report finds

According to the latest ‘African Agribusiness Outlook Report’, released by the Alliance for a Green Revolution in Africa (AGRA), over half of Nigeria’s small and medium-sized enterprises (SMEs) have experienced a drop in revenue since the onset of the Covid-19 pandemic in 2019.

Transport costs have emerged as a major contributor to these challenges, with 85 percent of respondents citing it as a significant issue.

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The report delves into the impact of the “Triple Crisis” – comprising the Covid-19 pandemic, climate change, and the Russia-Ukraine conflict – on SMEs in Nigeria, Zambia, and Tanzania. Notably, while medium-sized businesses bore the brunt of the challenges, they displayed quicker recovery rates compared to smaller enterprises.