PEBEC reveals 23.8m family businesses contribute $200bn to Nigeria’s economy yearly

…as Moniepoint MFB  bags Rising Star Family Business award

Business a.m

The Presidential Enabling Business Environment Council (PEBEC) and Investment, has revealed that there are around 23.8 million family businesses spread throughout Nigeria, which collectively contribute around $200 billion to the economy each year.

Jumoke Oduwole, special adviser to the council made the disclosure at the 2023 Family Business Summit, an event co-organized by Businessday, My Family My Business, and PwC Nigeria. The Summit is a platform for family businesses to come together and discuss the unique challenges they face and share best practices for success.

Oduwole emphasised that the figures show the importance of family businesses to Nigeria’s economy and the need for sustainability of these businesses across generations. She added that the government, through PEBEC, is working to make Nigeria a more business-friendly environment, with a particular focus on micro, small, and medium-sized enterprises (MSMEs).

In a speech focused on the summit’s theme of “Built to Last: Building a Multigenerational Business in the Age of Volatility,” Oduwole emphasized the need for all stakeholders to work together to ensure the sustainability of family businesses. She noted that this sustainability would help more businesses like Nike and BMW to emerge from Nigeria, expand across Africa, and become globally competitive. Oduwole stressed that this is a shared responsibility that everyone must pursue.

Meanwhile, Moniepoint MFB, a leading technology-driven business bank in Nigeria, was awarded the “Rising Star Family Business Award” at the Family Business Summit. The award recognizes the bank’s growth and contribution to the Nigerian economy, particularly its role in providing financial services to small and medium-sized businesses.

Okechukwu Eke, general counsel at Moniepoint MFB, received the award on behalf of the company and spoke about the importance of family businesses and their role in driving long-term economic success. Eke highlighted Moniepoint MFB’s commitment to providing innovative solutions that will help family businesses thrive and survive, such as their digital banking and payment solutions. This was an important acknowledgment of the bank’s contributions to Nigeria’s economy and its commitment to supporting family businesses.

“Moniepoint MFB remains committed to its strong ethos of powering the dreams of family businesses even as it continues on its journey of innovating to create more opportunities, financial happiness and deepening financial inclusion. We are delighted to be recognized for our positive contributions to the economy and we look forward to partnering with all stakeholders especially government at all levels to bring renewed hope to all Nigerians,” said Eke.

The event featured a number of notable speakers, including Martin Roll, a global expert on family businesses and family offices; Sam Abu, country senior partner at PwC Nigeria, Oyeyemi Oke, managing director of 1st Fiduciary Limited; Toyin Sanni, CEO of Emerging Africa; Cosmas Maduka Junior of Coscharis Group;Ope Agbato, executive director of technical and animal husbandry operations at Animal Care; and Oludayo Obasanjo, executive director of marketing and development at Obasanjo Farms Nigeria Limited.