New businesses registered in Nigeria: 136,961 in 2022, ranking 12th of 155 countries. In 2010 it was 65,074.
Understanding the chart
The line chart above tracks new businesses registered in Nigeria for each year from 2010 to 2022, 13 data points in all. Each dot is one year; the first and last years and the highest point are labelled with their values, and the vertical scale is in number. All values in this period were above zero. The data table below the chart lists every value, and you can download the data, embed the chart or share it from the buttons above. The figures cover 2010–2022 and come from World Bank, World Development Indicators (CC BY 4.0).
Key insights
- Between 2010 and 2022, Nigeria's new businesses registered rose from 65,074 to 136,961, a change of 110.5% (about 6.4% a year on average).
- The highest value in this period was 136,961 in 2022; the lowest was 65,074 in 2010.
- Recently, the figure has risen in each of the last two years (2021: 129,980; 2022: 136,961).
- Nigeria has the 12th-highest value of 155 countries with recent data.
- Nigeria has the highest value of the 15 countries in Western Africa with recent data; the typical (median) value there is 5,626.
Analysis
Averaged over periods, the figure was 72,989 in 2010 to 2014, 80,284 in 2015 to 2019 and 121,643 in 2020 onwards. The value went up in 9 of the 12 year-to-year steps and down in 3. The biggest one-year rise came in 2021 (+31,992, or 32.6%). The biggest one-year fall came in 2013 (−6,753, or 8.3%). Across the period the values varied by about 26% around their average (87,023), a moderate amount of change.
What it means
For businesses and investors, the figure is most useful alongside related measures for the same country, such as growth, inflation, population and incomes, and compared with similar countries. Compared with its neighbours in Western Africa, where the typical value is 5,626, Nigeria is 24.3 times the regional median.
Related figures
- New businesses registered (number) by country, 2024: 979,211 (highest: Brazil). The number of new limited liability companies registered during the year, from the World Bank Entrepreneurship Database.
- New businesses registered in Benin, 2010–2024: 5,522 (New businesses registered, 2024 · 103rd of 155). New businesses registered in Benin: 5,522 in 2024, ranking 103rd of 155 countries.
- New businesses registered in Burkina Faso, 2010–2024: 10,046 (New businesses registered, 2024 · 80th of 155). New businesses registered in Burkina Faso: 10,046 in 2024, ranking 80th of 155 countries.
About this statistic
The number of new limited liability companies registered during the year, from the World Bank Entrepreneurship Database. Sole traders and informal businesses are not counted. A sign of how many people are starting formal companies. Registration rules differ, so compare trends more than levels.
How easy it is to register and run a company, and how many new firms appear, is a direct signal of entrepreneurial activity and competition. The figures come from the World Bank's World Development Indicators, which compile official national statistics in a consistent form so countries can be compared.
Questions and answers
What is the new businesses registered in Nigeria?
136,961 (New businesses registered, 2022 · 12th of 155). New businesses registered in Nigeria: 136,961 in 2022, ranking 12th of 155 countries. In 2010 it was 65,074.
How has new businesses registered in Nigeria changed since 2010?
Between 2010 and 2022, Nigeria's new businesses registered rose from 65,074 to 136,961, a change of 110.5% (about 6.4% a year on average). The highest value in this period was 136,961 in 2022; the lowest was 65,074 in 2010.
Where does this data come from?
From World Bank, World Development Indicators (CC BY 4.0), covering 2010–2022. The number of new limited liability companies registered during the year, from the World Bank Entrepreneurship Database. Sole traders and informal businesses are not counted. A sign of how many people are starting formal companies. Registration rules differ, so compare trends more than levels.
Data
| Year | New businesses registered (number) |
|---|---|
| 2010 | 65,074 |
| 2011 | 72,396 |
| 2012 | 81,144 |
| 2013 | 74,391 |
| 2014 | 71,941 |
| 2015 | 70,441 |
| 2016 | 75,380 |
| 2017 | 78,540 |
| 2018 | 86,309 |
| 2019 | 90,748 |
| 2020 | 97,988 |
| 2021 | 129,980 |
| 2022 | 136,961 |
Source and notes
Source: World Bank, World Development Indicators (CC BY 4.0). Period: 2010–2022. Coverage: Nigeria.
The number of new limited liability companies registered during the year, from the World Bank Entrepreneurship Database. Sole traders and informal businesses are not counted. A sign of how many people are starting formal companies. Registration rules differ, so compare trends more than levels.
Cite this statistic
Please also credit the original source: World Bank, World Development Indicators (CC BY 4.0).Related statistics
- New businesses registered (number) by country, 2024
- New businesses registered in Benin, 2010–2024
- New businesses registered in Burkina Faso, 2010–2024
- New businesses registered in Côte d'Ivoire, 2013–2024
- New businesses registered in Cabo Verde, 2010–2024
- GDP of Nigeria, 2010–2025
- Economic growth (GDP growth) in Nigeria, 2010–2025
- GDP per person in Nigeria, 2010–2025
- GDP per person, adjusted for prices (PPP, international $) in Nigeria, 2010–2024
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