Nigeria’s Business Survival Report 2024: Strategies for Sustainable Business Growth Amid Economic Turbulence

Mustard Insights is pleased to announce the launch of our report, “Nigeria’s Business Survival Report 2024: Strategies for Sustainable Business Growth Amid Economic Turbulence.

The year 2024 came with its challenges for individuals and businesses in Nigeria. The economic landscape was marked by significant disruptions, including the removal of fuel subsidies, the devaluation of the Naira, an overall surge in inflation, amongst others. These factors led to decade-high costs with many companies forced to put expansion plans on hold, divest, or report significant losses.

At Mustard Insights, we understand the importance of data-driven decision-making in times of uncertainty and turbulence. It is why we birthed this comprehensive study from an in-depth survey of over 100 Nigerian business leaders (CEOs, Founders, Executives, etc) as well as detailed analysis of some of the biggest companies in the nation to uncover how companies navigated the economic downturn and adapted their strategies for survival and growth.

This report will show you: 

• An overview of business performance in Nigeria
• Performance variance of businesses between 2023 and 2024
• The impact of economic downturn on business performance such as revenue, direct costs, and expenditure
• The impact of business survival on employment and job retention
• Industry sentiment as perceived by business owners and top executives.
• Survival strategies and response actions that organizations adopted to navigate market conditions
• A comparative analysis with NGX 30 companies to assess business performance in relation to larger listed entities
• Content analysis of NGX-30 companies’ strategies
• Outlook for 2025

Some Findings Include:

• 85.4% of businesses reported a substantial increase in business costs due to inflation.
• 65% of businesses increased the prices of their goods and services to offset rising costs.
• 43.7% of business owners reduced their workforce in 2024.
• 41.7% of businesses diversified their product or service offerings to stay afloat.
• 46.6% of businesses failed to meet their growth targets.

Lessons from Nigeria’s Largest Companies

The report also includes a comparative analysis of Q3 results from 2022, 2023, and 2024 for Nigeria’s top-listed companies on the NGX-30. This analysis highlights the dramatic changes in revenue, direct costs, total expenses, and salaries. By examining the strategies employed by Nigeria’s top-listed companies, the report provides a benchmark for businesses seeking sustainable growth in a volatile economy. 

The report also reveals content analysis culled out of news reports isolating the key obstacles the largest companies in the nation encountered, including economic, regulatory, and operational difficulties, as well as the strategies they employed to navigate these challenges amidst both local and global pressures. 

Why This Report Matters

The Nigeria’s Business Survival Report 2024 is a roadmap for businesses looking to thrive in turbulent times and how to outperform given the current state of Nigeria’s opportunity-laden economy. By providing data-driven insights and actionable recommendations, the report equips business leaders with the tools they need to adapt, grow, and succeed despite economic turbulence.

Get Your Copy Today

To access the full report and gain deeper insights into how Nigerian businesses are navigating these challenging times, visit [ Here ]. 

Let’s navigate these turbulent times together—armed with data, insights, and a commitment to sustainable growth.