SMEs
Small and medium-sized enterprises (SMEs) are non-subsidiary, independent firms which employ fewer than a given number of employees.
Small enterprises have total assets (excluding land and building) that are above ₦10 million naira but not exceeding ₦100 million naira with a total workforce of above ten, but not exceeding forty-nine employees. While medium enterprises have total assets (excluding land and building) that are above ₦50 million naira, but not exceeding ₦1 billion naira with a total workforce of between 50 and 199 employees.
SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.
We ranked each state by the rate of increase in the number of enterprises as well as that of the number of people employed by the enterprises.