Mustard Insights

Nigerian businesses ranked raw materials/ direct costs as the highest expense in 2024, at 30.1%, in our Nigeria’s business survival report. This was driven by inflation, currency devaluation, and supply chain disruptions. Higher operational costs followed at 21.4%, exacerbated by fuel subsidy removal and rising diesel prices, while logistics and transportation costs accounted for 18.5%, reflecting the increased cost of moving goods. Power costs remained a persistent challenge at 11.7%, as businesses continued to rely on alternative energy sources due to unreliable grid electricity. Additionally, higher salary expenditure, representing 9.7% of costs, highlighted the growing pressure to attract and retain talent amidst rising inflation, while the 8.7% was attributed to the cost of tech services, underscoring the increasing adoption of digital tools to remain competitive. The data also correlates with results from analysis of NGX-30 companies as direct costs also served as the highest cost change in the same period. Sign up for our Nigeria’s Business Survival webinar happening this Saturday to find out how you can position your business for the win in 2025. #MustardInsights #NigeriaBusinessSurvivalReport #NigeriaBusinessSurvivalWebinar Sign up: https://lnkd.in/dRRHkkqX

Join us for the Nigeria’s Business Survival Webinar on Saturday the 8th of March by 10am, where we will explore practical strategies for Nigerian businesses to thrive in 2025 and beyond. This webinar will delve into key insights and strategies that will help businesses navigate economic challenges and unlock growth opportunities. The webinar will feature a keynote address by Ugodre Obi-Chukwu, Founder/CEO of Nairametrics, and a panel discussion with prominent industry leaders such as Feyisayo Alayande, Executive Secretary/CEO of Lagos State Employment Trust Fund (LSETF) Jim Ofodum, CEO of Fichaya and Head of Online Partnerships and Integrations, Piggyvest, Olaolu Femi Boboye, Lead Economist at CardinalStone, alongside experts from Mustard Insights. These professionals will share actionable strategies for adapting to economic uncertainty and positioning for success in the year ahead. Attendance is free! Simply scan the QR code or follow the link below to register. https://lnkd.in/dRRHkkqX #NigeriaBusinessSurvival #MustardInsights #Webinar

According to Mustard Insights’ Nigeria’s Business Survival Report 2024, nearly half of Nigerian companies (47.6%) did not seek government support. Additionally, as much as 40.8% were unaware of available support in the first place. This indicates a gap in awareness and utilisation of government assistance programs. Only 9.7% of businesses applied for grants or loans, and an even smaller proportion, 1.9%, benefitted from tax relief or other government policy measures. The data highlights a critical opportunity for the Nigerian government to improve the accessibility and communication of support programs to ensure businesses can more effectively navigate economic hardships. #MustardInsights

The wait is over! Our report titled, “Nigeria’s Business Survival Report 2024: Strategies for Sustainable Business Growth Amid Economic Turbulence” is officially out. Find out how the year 2024 impacted Nigerian businesses, strategies they’re employing to survive and win, and so much more! Visit blog.mustardinsights.com to find out more and get your copy! #NigeriaBusinessSurvivalReport #MustardInsights

Nigeria’s Business Survival Report 2024: Strategies for Sustainable Business Growth Amid Economic Turbulence, by Mustard Insights Discover strategies for sustainable business growth in a turbulent economy. This comprehensive report dives into the challenges of 2024—subsidy removal, Naira devaluation, soaring inflation—and their impact on Nigerian businesses. Learn how innovative companies navigated rising costs, managed revenue, and created jobs while others struggled to survive.  Launching soon! #MustardInsights #BusinessSurvivalReport

Here are highlights from our upcoming Business Survival Report 2024! Our comprehensive analysis spans businesses of all sizes, uncovering how 2024’s economic challenges have impacted revenue, costs, employment, products, and more. Discover the strategies businesses are using to navigate and thrive. Launching soon—don’t miss it! 🚀

Exciting news! 🥁 This month, Mustard Insights would be launching its first paid report: Nigeria’s Business Survival Report, 2024! The report provides in-depth insights into business performance for the period, based on surveyed data contributed by over 100 business leaders. As a token of our appreciation, all participating leaders will receive the report for free! More details coming soon.

In Q2 2024, Nigeria’s total exports reached an impressive N19.42 trillion, according to the National Bureau of Statistics (NBS), a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from the N6.44 trillion recorded in Q2 2023. Spain led as Nigeria’s top export destination in the latest National Bureau of Statistics (NBS) report, accounting for 14.32% of total exports worth N2.01 trillion. The United States followed with 13.25% (N1.86 trillion), while France ranked third at 12.99% (N1.82 trillion). Other major destinations included India (11.78%, N1.65 trillion), the Netherlands (9.85%, N1.38 trillion), and Ivory Coast (9.64%, N1.35 trillion). Crude oil dominated exports to the top 10 countries, comprising 67% to 99% of their total trade volumes, except for China, where non-oil exports made up 71.95% of trade, leaving crude oil at just 28.05%. #MustardInsights #Exports 

This chart shows inflation trend for Nigeria from January to November, also highlighting food inflation for each month. Data from the National Bureau of Statistics (NBS) shows a persistent gap between food inflation and the overall inflation rate, with food inflation averaging 18% higher. June recorded the peak food inflation at 40.87%, while November marked the highest overall inflation rate at 34.60%. Notably, food inflation remained above 35% throughout the year, reflecting the significant pressure of rising food prices on household expenditures and the broader economy. #MustardInsights #Inflation

Starting the year off reviewing Nigeria’s core macroeconomic indicators. Latest NBS figures reveal that in Q3 2024, the country’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in real terms. This is higher than the 2.54% growth witnessed in Q3 2023, and 3.19% in the preceding quarter, Q2 2024, indicating a positive growth trajectory in the country’s economic landscape despite headwinds. The question is, what level of growth does Nigeria need to project consistently to translate into improving the quality of life of the people? #MustardInsights #GDP #Nigeria