Nigeria’s nano businesses, including traders, roadside vendors, and small online sellers, remain a key part of the country’s economy, supporting millions of livelihoods.
However, experts warn that many still operate informally, with weak financial records and poor separation of personal and business funds, limiting their growth potential.
Data from the National Bureau of Statistics shows MSMEs account for about 96 percent of businesses in Nigeria and contribute nearly half of GDP.
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Director of Business Banking at FairMoney, Ivie Abiamuwe, said financial readiness is now essential for small businesses to stay competitive. She noted that mixing personal and business finances and relying only on cash transactions reduces access to credit and formal financial services.
She explained that digital payments help build financial records that improve credibility with banks and fintech institutions, while responsible borrowing can support business expansion when properly managed.
Experts stress that adopting structured financial practices, using dedicated business accounts, and improving record-keeping are now critical for long-term survival.
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