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The FATE Institute of the FATE Foundation recently released its State of Entrepreneurship in Nigeria 2022 report at the 8th Annual FATE Institute Entrepreneurship Policy Dialogue Series on Thursday 17 November 2022. did.
This year, the State of Entrepreneurship in Nigeria report was launched alongside a second report examining Access to the Financial Gap for Entrepreneurs in Nigeria. Both reports are produced by the FATE Institute, the research, policy and advocacy arm of the FATE Foundation, which leads innovative thinking and creates a platform to enable idea exchange and problem-solving strategies on entrepreneurship in Nigeria. I was.
Fola Adeola, president of the FATE Foundation, who opened the report at the Policy Dialogue, said in his speech:
“The State of Entrepreneurship in Nigeria report assesses the state of entrepreneurship in Nigeria using five key indicators: performance, skill acquisition, innovation and technology, opportunity recognition, and enabling business environment. “Bridging Access to the Financial Gap for Entrepreneurs in Nigeria” report takes an in-depth approach to understanding access to financial issues in Nigeria and providing recommendations for moving forward. We are hiring. Both reports have been produced to provide data insights and recommendations to guide government and ecosystem stakeholders in the design/implementation of policies and programs to improve financial access outcomes. “
Key data highlights from the State of Entrepreneurship in Nigeria 2022 report include: More than half (51%) of the surveyed entrepreneurs were between the ages of 30 and 39. 61% were male-led businesses and 39% were female-led businesses. Eighty percent of the companies surveyed were nano (41%) or micro (39%) businesses. Half (50%) of the companies surveyed are less than five years old. For the second time in a row, perception of opportunity ranked highest on the Entrepreneurship Index, and enabling environment ranked lowest. Imo State had the highest score at 0.82, Bauchi State at 0.72, Delta State at 0.70 and Gombe and Plateau States at 0.69 each. The states of Kogi and Taraba and the FCT ranked lowest overall with an index score of less than 0.40. The full report is available for download at http://www.fatefoundation.org/2022soe/.
Key highlights of the report “Bridging Access to the Financial Gap for Entrepreneurs in Nigeria” include: For institutional sources, cooperatives ranked at 41%, followed by microfinance banks at 27%. Only 19% of entrepreneurs received loans from commercial banks. Commercial bank credit to the private sector was £22 trillion in 2021, but only 0.38% of this credit went to SMEs.
Demand-side challenges include high borrowing costs. low level of trust; limited awareness of enablers such as movable collateral registers; Supply-side challenges include limited financial literacy and investment readiness. Insufficient data insights on creditworthiness and learnings from previous funding programs. Policy recommendations to fill the gap include better mapping and sizing of NMSME segments for funding. Expanded credit coverage. Leverage digital identity technology for creditworthiness. The full report can be downloaded here – http://www.fatefoundation.org/accesstofinance/
Also at the launch of the report, FATE Foundation Executive Director Adenike Adeyemi said: Current fundraising program. “
FATE Foundation is Nigeria’s foremost non-profit organization providing entrepreneurial knowledge and enterprise to enable Nigerians to start, grow and scale sustainable businesses. The FATE Foundation was established in 2000 by Mr. Fola Adeola, Founder of Guaranty Trust Bank and Managing Director of Pioneer, to create wealth by promoting the development of Nigerian business and entrepreneurship. Our mission is to promote the creation of
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