38% of Nigeria’s Informal Businesses Earn Less Than $7 Daily: Report

A new report by Moniepoint reveals the financial struggles faced by a vast majority of informal businesses in Nigeria. 79% of these businesses have experienced increased costs over the past year, with a shocking 38% earning less than ₦10,000 daily – roughly $7. This figure underscores the reality for traders, artisans, and service providers across the country who often struggle to cover even basic expenses.