Blue Advisory, in partnership with FATE Foundation, carried out a study and published a report on scaleups in Nigeria. The study also assessed the factors that enable or hinder small businesses’ ability to grow and scale.

The 46 paged report provides an analysis of data collected from over 250 small to medium sized businesses operating across 6 states in Nigeria. 14% of the businesses surveyed met the scaleup criteria of achieving 20% growth year on year for no less than 3 years and no earlier than 2014. 

The report shows that Entrepreneurship/Business Management skills, Access to Markets and Innovation and New Technology are the top three (3) factors that drive businesses’ chances of scaling while Cashflow challenges, Lack of access to funding and Infrastructure deficit are the top three (3) factors which hinder growth. 

Click download to read more about the scaleup phenomenon among businesses in Nigeria and the factors that influence it.