Business
3,000 Nigerians Lost Millionaire Status In 10yrs – Report
The giant of Africa, Nigeria, believed to be the largest economy in the continent, has experienced negative millionaire growth of 30 per cent from 2012 to 2022, resulting in 2,949 individuals losing their millionaire status in one decade.
This is according to the 2023 Africa Wealth Report compiled by Henley and Partners.
According to the report, Africa’s ‘Big 5’ wealth markets include South Africa, Egypt, Nigeria, Kenya and Morocco.
“Together, they account for 56 per cent of Africa’s high-net-worth individuals and over 90 per cent of the continent’s billionaires”, it partly read.
The wealth categories are split into millionaires—individuals with a net worth above $1m; centimillionaires—individuals with a net worth above $100m and billionaires—individuals with a net worth above $1bn.
South Africa has 37,800 millionaires, 98 centimillionaires and 5 billionaires.
Egypt came second with 16,100 millionaires, 54 centimillionaires and 8 billionaires, while Nigeria ranked third with 9,800 millionaires, 27 centimillionaires and four billionaires. Kenya has 7,700 millionaires, 15 centimillionaire and no billionaires. Morocco has 5,800 millionaires, 28 centimillionaire and four billionaires.
Others include Mauritius (4,900 millionaires, 10 centimillionaire and no billionaire), Algeria (2,800 millionaires, eight centimillionaire and one billionaire), Ethiopia (2,700 millionaires, four centimillionaire and no billionaire), Ghana (2,600 millionaires, five centimillionaire and no billionaire) and Tanzania (2,400 millionaires, six centimillionaire and one billionaire).
However, total high-net-worth individual numbers in Africa fell by 12 per cent between 2012 and 2022. The continent currently has 138,000 millionaires, 328 centimillionaires and 23 billionaires.
Performance was constrained by poor growth in the three largest African markets, South Africa, Egypt, and Nigeria, which saw 21 per cent, 25 per cent and 30 per cent of negative growth.
Within that period, the report revealed that “Rwanda was the top performing market in Africa, with millionaire growth of 72 per cent, followed by Mauritius, the Seychelles, Uganda and the Democratic Republic of the Congo. Morocco and Kenya’s high-net-worth individual populations also grew solidly”.
Meanwhile, “Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which pulled back their 10-year growth rates”.
Although five out of Africa’s top 20 saw a decline in their wealth in the past decade, none was more significant than Nigeria’s where 30 per cent of the wealthiest individuals fell below the million-dollar mark.
Aliyu Ilias is a development economist, told journalists that the decline is a natural result of several factors, including poorly-implemented government policies, the Covid-19 pandemic and soaring inflation experienced in the past eight years of the Buhari regime.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters