23.8m family businesses contribute over $200bn annually

No fewer than 23.8 million businesses owned by families collectively contribute approximately $200 billion to the country’s economy annually.

The Special adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole, stated this while delivering her speech at a family business summit, themed: “Built to last: building a multigenerational business in age of volatility” held on Thursday in Lagos.

She stressed how businesses owned by families in Nigeria have strived in the face of a fluctuating economy, adding they contribute 50 per cent to the country’s Gross Domestic Product, GDP.

“There are approximately 39.7 million MSMEs in Nigeria today accounting for roughly 96% of businesses and 88% of jobs 40% of our GDP, in effect 23. 8 million family businesses in Nigeria account for millions of jobs.

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“To put it in context, family businesses contribute nearly $200 billion to the Nigerian economy each year. These figures reflect the glaring importance, the glaring significance and the impact that family businesses have on Nigeria’s economy and the need for us. All to ensure the sustainability of our multigenerational businesses,” she said.

Also, the group executive, private banking and wealth management, First Bank, Mr. Idowu Thompson advised frontier businesses owned by families in Nigeria to sail the ship of their businesses with right hands in a bid to outlive generations.