PricewaterhouseCoopers (PwC) says high energy costs, interest rates and excessive tax, are major challenges faced by micro, small and medium enterprises in Nigeria.
The PricewaterhouseCoopers says high energy costs, interest rates, and excessive taxes, are major challenges faced by micro, small and medium enterprises in Nigeria.MSME survey, titled, ‘Building Resilience: Strategies for MSME Success in a Changing Landscape’.
“Additionally, 12% noted that consumers were switching to alternative products, and 10% attributed the decline to changing consumer preferences. “This is likely to increase the cost of inputs for MSMEs, which will, in turn, raise the prices of final goods and services, further impacting demand.” “Infrastructure challenges, particularly electricity, account for the biggest costs to the daily operations of MSMEs.
The organisation said micro and small enterprises, particularly in agriculture and retail, need loans under $20,000.owever, said limited private sector lending, poor infrastructure, and lack of documentation hinder access to credit. “Despite these challenges, Nigerian MSMEs have demonstrated remarkable adaptability in navigating a complex business environment characterised by challenging macroeconomy and government policies, highlighting their potential to drive economic growth.”Suggesting solutions, PwC said MSMEs must “embrace digital transformation, including adopting digital solutions for financial transactions and regulatory compliance to enhance operational flexibility and efficiency”.
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