Between 2023 and 2024, approximately 30% of Nigeria’s 24 million Micro, Small, and Medium Enterprises (MSMEs) shut down — that’s over 7.2 million businesses lost in just two years. This alarming revelation was made by the Nigerian Economic Summit Group (NESG), highlighting the fragility of Nigeria’s entrepreneurial ecosystem.
The NESG cited foreign exchange instability, insecurity, limited infrastructure, and shrinking market access as key contributors. It further estimated that Nigeria lost over ₦94 trillion due to business shutdowns and multinational divestments in that period.
At CREF Advisory Services Limited, we believe the crisis runs even deeper. A critical but under-discussed factor is weak internal governance within these SMEs. Many promising businesses collapse not just because of external pressures — but because of internal disorganization, lack of succession planning, poor accountability, and investor distrust.
We launched CREF to tackle this very problem. Our services are designed to help SMEs install sustainable governance structures, strengthen internal systems, and prepare for long-term success — even in difficult climates.
Sources
Nigerian Economic Summit Group (2024). Report on MSME Challenges and Economic Impact. NESG Official Site.
Vanguard Nigeria (2025). Over 7m small businesses shut down in 2 years — NESG.
