Between 2023 and 2024, Nigeria faced a challenging economic environment that resulted in the closure of approximately 30% of its Micro, Small, and Medium Enterprises (MSMEs), equating to about 7.2 million businesses. This period also saw an estimated economic loss of ₦94 trillion due to multinational divestments and business closures.
Despite these setbacks, the country achieved a 3.4% economic growth in 2024, the highest since 2021, driven by reform efforts that enhanced investment levels.
However, stagnant productivity and persistent macroeconomic imbalances led to deteriorating living standards and heightened economic distress. In response, the African Development Bank (AfDB) is facilitating a $230 million trade finance package to Access Bank Plc to support Nigerian SMEs, aiming to provide better access to foreign exchange, support trade, and ensure financial stability.
