Nigeria’s Small Businesses Need To Become More Than Potential

Countries and institutions have varying denitions of what classies a company as a Small or Medium Sized Enterprise (SME). The main factors considered are the number of employees and annual turnover. The Central Bank of Nigeria (CBN) denes SMEs as economically independent companies with 11 to 300 employees and an annual turnover of between   N5 million to   N500 million. In contrast, the U.S. Small Business Administration’s Ofce of Advocacy classies SMEs as all enterprises with fewer than 500 employees and annual revenue of between $7 million ( N2.1 billion) to $25 million ( N7.6 billion) . In Europe, they are dened as enterprises with less than 250 employees and an annual turnover not exceeding €50 million ( N18.36 billion)


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