Nigeria dropped one spot from sixth to seventh place on the Qualitative Trade Barometer (QTB) rankings, placing eighth out of ten countries on the Africa Trade Barometer (ATB). Following the 2020 recession (primarily caused by the COVID-19 pandemic), Nigeria’s economic growth has largely recovered.
The paper claims that Nigeria’s macroeconomic stability has greatly improved, business confidence has increased, and some small enterprises have grown thanks to responsible fiscal and monetary policies.
It emphasizes the necessity for financial institutions to offer traders, particularly small and medium-sized firms (SMEs), affordable, accessible, and appropriate financial services to assist their growth and expansion. The Africa Trade Barometer Report 2022 highlights a number of encouraging trends, as well as issues and suggestions for expanding businesses on the continent.