By Timi Olubiyi
The number of small businesses in the formal and informal sectors of the Nigerian economy continues to increase due to the vital role that small businesses play as a driving force of any economy and the pillar of major developed economies worldwide. Despite Nigeria’s reliance on oil and revenues derived from it, the country’s economy is primarily supported by small businesses, including nano, kiosk, micro, and small businesses in particular.
A visible reference within this space includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business centre operators, restaurants, market women, and men in the various open markets, among others. And the formal operations such as law firms, accounting firms, consulting, fintech, and real estate companies, and so on in the country.
