The International Finance Corporation has assessed 84 per cent of small and medium-sized enterprises (SMEs) are being financially under served in Nigeria.
With the growing popularity of angel investors – individuals or groups who offer capital in exchange for ownership equity – and online crowdfunding, there are signs this is starting to change, although 30 per cent of Nigerian enterprise owners still the lack of funds as one of their primary business challenges.
Beyond funding, Sage have reported SMEs are facing problems marketing and building their customer base, especially online, which most business owners believe to be too costly or complex an endeavour.
In response to this gross underfunding of small businesses, government initiatives have been introduced to ease SME access to credit in the form of automated registration, as well as relaxed immigration processes to…
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