High energy costs, interest rates, and excessive taxes, are major challenges faced by micro, small and medium enterprises, MSMEs, in Nigeria.
This is according to a 2024 MSME Survey by PricewaterhouseCoopers, PwC, titled, ‘Building Resilience: Strategies for MSME Success in a Changing Landscape’.
PwC, in a survey which included 567 MSMEs across 13 sectors and 29 states, said over 50 percent of MSMEs reported falling sales due to high prices and low consumer spending power.
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The firm said the business owners surveyed reported that the top factors hindering their growth include inadequate access to finance, poor electricity, multiple taxes and levies, inadequate skilled labour, insecurity, and government policies.
