By Ireti Asemota.
Nigeria’s State of Entrepreneurship Index recorded a slight improvement, rising from 0.46 in 2024 to 0.47 in 2025, according to the 2025 State of Entrepreneurship in Nigeria Report released by The Fate Institute.
The report, based on a survey of 10,882 businesses across all 36 states and the FCT, highlights modest progress in the entrepreneurial ecosystem since tracking began in 2001. It also examines female and youth-led enterprises, net job creation, major constraints, opportunities, and policy recommendations.
Speaking at the launch during the 11th Policy Dialogue Series titled “From Enterprise to Industry: Unlocking MSME Potential for Nigeria’s Industrialisation”, Minister of State for Industry, Trade and Investment, Senator John Enoh, declared:
“The only reason Nigeria’s economy has not collapsed is the resilience of our micro, small, and medium enterprises (MSMEs).”
He emphasized that 96% of businesses in Nigeria are MSMEs, yet they struggle to access the capital needed to scale and drive industrial growth.
Enoh stressed that Nigeria cannot build a true industrial economy while entrepreneurs remain starved of funding and face systemic bottlenecks.
“MSMEs represent the energy, creativity, and demographic power of this nation. Our economic destiny rests on their success,” he said, adding that government must do more to remove barriers and inject new life into the ecosystem.
Founder and Chairman of FATE Foundation, Mr. Fola Adeola, reiterated the institute’s long-standing call for a simplified, transparent, and fair tax regime for MSMEs, noting that complex regulations disproportionately hurt micro-businesses and hinder urbanisation and growth.
The report underscores that while resilience keeps the sector alive, deliberate policy action is urgently needed to transform Nigerian enterprises into engines of industrialisation.
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