Business Start-ups in Nigeria Face Three-Year Decline

By Diafa Doubra,

Nigeria’s entrepreneurial space is witnessing a worrying trend, as new data shows business start-ups have been on a steady decline for the past three years.

According to the report, fewer Nigerians are venturing into new businesses due to the rising cost of operations, harsh economic conditions, and limited access to credit facilities. The situation is worsened by inflation, poor infrastructure, and inconsistent government policies, which have made survival difficult for small and medium enterprises (SMEs).

Stakeholders warn that the downward trend poses a serious threat to job creation and economic growth, especially at a time when the country is grappling with high unemployment and poverty. They have urged government to introduce targeted policies that will ease access to funding, reduce multiple taxation, and create a friendlier business environment to revive entrepreneurial confidence.

Analysts stress that without urgent intervention, Nigeria could continue to lose its youthful talent and innovation to other countries with more supportive ecosystems.