General News
50% of SMEs in Nigeria were Unable to Provide Consistent income to Workers – New Small Firm Diaries Research

Financial Access Initiative (FAI) research center of New York University (NYU) together with the Nigerian National Bureau of Statistics (NBS) this week released the results of the Nigeria Small Firm Diaries (SFD) study. Supported by the Mastercard Center for Inclusive Growth (CFIG), the Bill & Melinda Gates Foundation (BMGF), and the Argidius Foundation, the global research project provides insight into the financial lives of small businesses in seven countries across Latin America, Sub-Saharan Africa and Asia.

Participants at the Small Firm Diaries Nigeria Research report launch at the Lagos Business School on Tuesday, 25th July 2023.
Results from the Nigeria study
In Nigeria, the study collected data from 161 small businesses in urban, suburban, or semi-rural areas surrounding three locations: Enugu, Kaduna, and Lagos, between August 2021 and August 2022. The study was focused on three industries—light manufacturing, agri-processing, and services—which all play a key role in Nigeria’s economic growth and development.
The study found that the Nigerian firms earn less than firms in the other countries studied. Half of the firms earned less than NGN 223,250 in monthly revenue (PPP USD 1,547) 1 . About half (46%) of the Nigerian firms reported holding a loan of any kind, most of these from informal sources, including suppliers, friends, and family. The research also concentrated on the welfare of employees in small firms, finding that the firms were not able to provide consistent income to workers.
Insights from the research illuminate how small businesses in Nigeria are faring when it comes to: 1 World Bank PPP Rates, NGN/PPP = 152.57
Volatility: The Nigerian small firms, like those in the other countries studied, experience volatile earnings: both revenue and expenses fluctuate from month-to-month.
Desire for growth and stability: When asked about their vision for their business, a large group of Nigerian firms (44%) said they wanted to both grow and gain stability. This population aspires to grow, but does not want to take on the additional risk (they already face a great deal of risk—for instance: fluctuations in demand, rising input prices, supply chain delays, employee issues) that is necessary for rapid growth. They want step-by-step growth that helps reduce volatility and risk.
Financial inclusion: Compared with other countries in the study, Nigerian firms have high rates of bank account ownership: 97% of small firm owners in Nigeria have bank accounts for business—more than in Kenya (79%), Colombia (70%), or Indonesia (65%). However, usage of accounts is less comprehensive, with only 20% of Nigerian firms moving more than three quarters of their transactions through bank accounts. Cash is still the dominant mode of transaction for this segment.
Digital financial services: Nigerian small firm owners use technology — three-quarters use either a smartphone or computer, or both for their business — as well as digital financial services, particularly debit cards, mobile banking, and ATMs. However, they use mobile wallets for business purposes at very low rates.
Credit gaps: Data from the study shows that working capital and liquidity are bigger needs to small firms than investment capital. Despite access to finance being a major barrier to firm owners’ vision for success, more than 40% of firm owners in Nigeria say they “rarely” or “never” need a loan, indicating that products in the market are not accessible or don’t meet their needs. Firms closely match revenues and expenses on a month-to-month basis, which also helps confirm that they lack working capital for day-to-day liquidity needs. Firms rarely take on any operating risk or expansion/growth opportunities that could result in negative monthly cash flow.
Job security: Employment at small firms is precarious. The number of jobs in a firm changes from month to month, and the individuals filling those jobs change frequently. Employee pay varies considerably even during the months they are working at a small firm. Only one-fifth of the small firm employees received their salaries continuously through the study; more than half of employees worked at the same firm for fewer than half of the months studied.
Employee welfare: Some 63% of employees in Nigeria reported difficulties with finances indicative of low-income status, including 51% who reported that a child in their household had not eaten enough in the past week. Both of these figures were higher in Nigeria compared to global sample averages.
In general, the study concluded that stability and growth is a priority for the entrepreneurs who participated in the year-long study. According to the research, these firms face high volatility in income and expenses. They cited “access to finance,” followed by “rising supply costs” as major barriers to achieving their vision of growth and stability.
About the Small Firm Diaries study
The Small Firm Diaries is a global research project conducted between 2021 and 2023 in seven countries: Kenya, Nigeria, Uganda, Ethiopia, Indonesia, Fiji and Colombia. The study aims to improve the understanding of how small businesses can overcome the barriers they face to prosper in the modern economy and contribute to reducing poverty.
In each country, a team of field researchers visited a sample of small business owners in low-income neighborhoods weekly for one full year to collect quantitative and qualitative data on their financial flows. This information sheds light on the economic decision-making, strategies, and constraints of small businesses as they navigate the effects of changes in local and global markets.
The Financial Access Initiative (FAI) research center of New York University, together with partners at the National Bureau of Statistics and the Lagos Business School, anticipate that study results will inform the design of future development policies, financial services and tools to help small businesses and their employees in Nigeria to prosper.
“As the premier agency for the collection, publication, and dissemination of official statistics on Nigeria, NBS was proud to collaborate with the international research team for the Small Firm Diaries project. This study is unique in Nigeria—it is the first large-scale project to gather high-frequency data from businesses of this size—and will allow policymakers to better understand and address the challenges facing these businesses,” said Statistician General Adeyemi Adeniran of the National Bureau of Statistics.
“At the Lagos Business School, we develop the next generation of business owners in Nigeria and Africa. This kind of data, which shines a light on the volatility facing small businesses and their working capital needs, is what we need to inform both government and private sector players who seek to develop policies, products, and services that reduce inequality and increase financial security amongst financially underserved communities,’ said Olayinka David-West, Associate Dean and Professor of Information Systems at the Lagos Business School.
“Small businesses have proved their resiliency in recent years, but still face many pressures to remain profitable. In our work to empower them across the globe as drivers of economic activity and growth, research like this is incredibly insightful. Knowing precisely what challenges small business owners are facing and how they see the future allows us to provide better and more tailored support, and ultimately, better and more meaningful outcomes. We’re proud to support this research, and we hope it can serve as a resource to small business support organizations in the public, private, and social sectors,” said Tania Kruger, Vice President and Head of SME Product & Commercialization, EEMEA at Mastercard.
“MSMEs are by far the biggest employer in low and middle-income economies. Despite decades of statistical research, fundamental questions remain about why some grow, and some stagnate. Our aim with this study has been to try to understand small firms from the bottom-up, by listening closely to how entrepreneurs and workers make choices on their own terms,” said Jonathan Morduch, Executive Director of the Financial Access Initiative and Professor of Public Policy and Economics at New York University.
“We hope the findings from the Small Firm Diaries will be used by others in their own research and initiatives to address the challenges facing small businesses in low- and middle-income communities in Nigeria, and around the world,” said Michelle Kempis, Associate Director of the Financial Access Initiative at New York University.
Uses and application of the study
The reports presented today—the Nigeria Country Data Overview and the Financial Services Report—will be followed by additional analysis and publications in the coming months. The research team will continue to analyze data and publish reports on the Nigerian small firms, including adding further global comparisons, as they seek to collaborate with partners in the public and private sectors to benefit small businesses in Nigeria.
The study aims to guide the policies and practices of a wide variety of players and stakeholders, and study results enable companies and governments to design or improve products and programs that increase the capacity and productivity of small businesses. It will also enable organizations to design financial services products, including digital financial services, that better meet the liquidity and investment needs of small businesses so that they can expand their businesses in terms of income, productivity, employment, and wages paid.
General News
Indwelt Studios Seeks Increased Awareness @ World Sickle Cell Day

Every June 19th, the world pauses to recognize something that, for millions of families, never pauses at all. World Sickle Cell Day is observed across the globe to bring sickle cell disease out of the shadows; to name it, to understand it, and to stand with the people who live with it every single day.

This year, the world marks the day under the theme “Closing the Survival Gap: Equity in Sickle Cell Disease.” It’s a phrase that asks a hard, necessary question: why should where you’re born, or what your family can afford, decide whether you live well, or live at all?
For us at Indwelt, that question isn’t abstract. It has names and faces we know.
Why this day means something to us;
Here in Nigeria, sickle cell isn’t a distant statistic. Our country carries the heaviest burden of the disease anywhere in the world; roughly 150,000 babies are born with it here each year, and millions of Nigerians live with it into adulthood. Behind those numbers are real people: managing pain that often goes unseen, navigating crises that arrive without warning, and carrying on with a quiet courage that most of us will never fully understand.
Some of those people are our colleagues.
Since our inception, we’ve had and still have team members who live with sickle cell. They show up, they create, they pour themselves into the work we’re proud to put our name on; and they do it while carrying something most of us never have to think about.
Our team member with sickle cell, put it to us simply:
“People see the work I deliver, but they don’t see the days I show up after a night I didn’t think I’d get through. Sickle cell is part of my story, but it isn’t the whole of me; and being a part of an organization that understands that, supports me and let’s me do work I’m proud of continues to make a difference for me. I don’t want sympathy. I want a world that takes this seriously enough to change the odds for the next person.”
Supporting them, through medical interventions and through simply being a workplace that sees them fully, has never felt like a policy or a perk. It’s felt like family looking after family.
That’s where our commitment began. Not in a boardroom, but in the everyday reality of caring for our own.
If you’ve ever asked; this is the reason we’ve chosen to anchor our Corporate Social responsibility around sickle cell, supporting initiatives that improve care, and backing the research working toward a future where this disease no longer steals so many years from so many lives.
We believe the survival gap can close. We’ve seen what changes when someone living with sickle cell is met with the right care, the right understanding, and the right support; they don’t just survive, they thrive. They build, they lead, they make beautiful things. We know this because we work alongside them.
So, our promise is simple: to put our resources, our voice, and our craft behind the people and the science fighting for better outcomes. To keep learning. To keep listening to those who live this reality. And to use whatever reach we have to make sure that, in this country with the world’s heaviest burden, no one feels they’re carrying it alone.
For someone living with sickle cell, care that comes to you and care you can actually afford aren’t luxuries; they’re often the difference between a crisis managed and a crisis survived. We’re proud to walk alongside teams doing that quiet, necessary work.
To anyone living with sickle cell, today and every day; we see your strength; including the kind that doesn’t look like strength, the kind that’s just getting through a hard day and showing up for the next one. You are not your diagnosis. You are not a burden. You are someone we’re honoured to stand beside.
And to everyone reading: you don’t need a CSR budget to make a difference today. Learn what sickle cell really is. Know your genotype. Have the conversation. Give blood if you can. Be gentle with the people around you who may be carrying more than they let on.
Awareness is where compassion begins; and compassion, multiplied, is how survival gaps close.
This World Sickle Cell Day, we’re thinking of our own. And we’re committed to doing our part, not just today, but in all the days that follow.
To our clients, we owe a particular thank you. Every brief you trust us with, every project we build together, every time you choose Indwelt; you are doing more than growing your business. You are helping fund the care, the awareness, and the research behind this cause. The work we do for you is quietly working for someone living with sickle cell, too. That partnership means more to us than you may realise, and we’re deeply grateful for it.
Awareness is where compassion begins; and compassion, multiplied, is how survival gaps close. This World Sickle Cell Day, we’re thinking of our own. And we’re committed to doing our part, not just today, but in all the days that follow.
General News
Police Uncovers N7.7Bn Telecom Data Fraud Syndicate, Recovers Assets Worth Millions

Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has uncovered a major telecommunications fraud syndicate accused of compromising a telecom company’s billing infrastructure and fraudulently generating data valued at more than N7.7 billion.

The breakthrough led to the arrest of several suspects and the recovery of assets believed to be proceeds of the crime, including nearly N90 million in cash, two residential houses, a mini-plaza, and a Toyota RAV4 vehicle.
In a statement issued on Thursday, June 18, 2026, DSP Unwana Imah, Police Public Liaison Officer of the NPF-NCCC, disclosed that investigations revealed the involvement of both insider collaborators and external accomplices in the large-scale cyber fraud operation.
According to the statement, the investigation was launched following a petition by a leading telecommunications service provider, which reported the unauthorized use of staff login credentials and a breach of its network billing system.
Preliminary findings showed that between October 1 and November 28, 2024, the suspects unlawfully accessed the company’s billing infrastructure and generated fraudulent airtime.
The airtime was subsequently converted into data bundles and distributed through a network of vendors operating across the country.
The criminal operation reportedly caused losses running into billions of naira before it was detected by the telecom provider, which promptly alerted security agencies.
“The Nigeria Police Force through the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) has recorded significant progress in the investigation of a case involving Computer Related Fraud, Unauthorized Access to Computer Systems, and Theft of Telecom Services,” the statement said.
During the course of the investigation, operatives arrested several suspects and recovered more than 400 laptops, 1,000 mobile phones, Point of Sale (POS) machines, cash exhibits, and other evidential materials.
The telecommunications company was also able to reverse approximately 2,931.79 terabytes of fraudulently obtained data, valued at about N3.8 billion.
Further investigations uncovered the participation of insiders working alongside external collaborators to execute the scheme.
In a second phase of operations carried out in May 2026, NPF-NCCC operatives acted on intelligence and conducted coordinated raids across Kano, Katsina, and Zamfara states, leading to the arrest of key suspects identified as Musa Muhammed Kwandi, Nura Sadauki, and Aminu Muhammed.
Other suspects arrested include IT specialist Musa Hassan Mohammed, Samson Alisigwe, and Yusuf Shehu, all of whom are believed to have benefited from the proceeds of the fraud.
Through extensive financial investigations and asset tracing efforts, police recovered almost N90 million and seized properties linked to the alleged criminal enterprise.
The NPF-NCCC said investigations are ongoing to identify additional accomplices, trace more proceeds of the crime, and ensure that all individuals found culpable are prosecuted.
Olatunji Rilwan Disu, Inspector-General of Police (IGP) reaffirmed the Nigeria Police Force’s commitment to safeguarding the nation’s critical digital infrastructure and intensifying efforts to combat cybercrime across the country.
General News
AfreximBank Urges Nigeria, Others to Strengthen Continental Trade

The African Export-Import Bank (Afreximbank) has urged Nigeria and the rest of Africa to strengthen intra-African trade and resilience to protect against geopolitical shocks.

In a recently released Trade and Development Finance Brief, titled: ‘Africa’s Trade and Investment Landscape’, which examines the structural challenges shaping Africa’s trade performance and investment outlook in an increasingly uncertain global environment, it pointed out that Africa’s trade landscape remained heavily dominated by the export of raw materials, including agricultural products, oil, gas and minerals.
The report, however, regretted that imports continued to be heavily skewed towards manufactured goods and machinery.
The report noted that the existing export-import configuration leaves many African economies overly exposed to unfavourable terms of trade shock on account of external headwinds, including commodity price volatility, geopolitical tensions and associated global supply chain disruptions.
According to the report, the African Continental Free Trade Area (AfCFTA) remained central to efforts aimed at diversifying the continent’s trade base, strengthening regional value chains and increasing intra-African trade.
It further expressed that alongside the African Union’s Agenda 2063, the AfCFTA provides a practical framework for integrating fragmented markets, expanding industrial production and boosting productivity, with intra-African exports projected to increase by more than 20 per cent within a decade as implementation advances.
Also, the report further highlighted the importance of scaling investment in trade-enabling infrastructure, including energy, transport, communications networks, ports and logistics systems, to reduce the cost of doing business and improve cross-border trade flows.
It expressed that targeted infrastructure investment could support industrialisation, strengthen regional specialisation and improve Africa’s competitiveness as an investment destination.
It also pointed to a wider set of priorities for strengthening the continent’s trade and investment ecosystem, including regulatory coherence, institutional strengthening, economic diversification, improved access to finance for small and medium-sized enterprises and greater use of digital financial technologies.
Besides, the report stated that domestic and foreign investment were increasing across many African economies, notwithstanding the observed dominance of foreign investment.
It further mentioned that the direction of investment flows was uneven across sub-regions, with Eastern and Southern Africa receiving a larger share of foreign direct investment compared to Western and Central Africa.
Afreximbank said the findings reinforced the need for coordinated action to expand trade finance, improve trade-enabling infrastructure, deepen regional integration and accelerate value addition across the continent.
Managing Director, Research for AfreximBank, Dr Yemi Kale, said regional development finance institutions, including AfreximBank, were playing an increasing role in supporting intra-African trade through trade finance and related initiatives.
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