The number of small businesses in the formal and informal sectors of the Nigerian economy continues to increase due to the vital role that small businesses play as a driving force of any economy and the pillar of major developed economies worldwide. Despite Nigeria's reliance on oil and revenues derived from it, the country's economy is primarily supported by small businesses, including nano, kiosk, micro, and small businesses in particular.
The small business economic activities in Nigeria play an unrecognised but important role all across the country and can equally contribute largely to the growth of the non-oil sector, employment generation, and the creation of more sustainable entrepreneurship if well harnessed.
From a survey conducted amongst small business owners, independence is the key driver and this gives the advantage to entrepreneurs to be their own bosses and be self-reliant. This singular attribute makes the total financial gain be that of the entrepreneur or the business owner. Small business gives the operator total business control without any form of dilution from external investors, which is a form of prestige for the operators, according to the views gathered from the survey conducted.
The administration of small business services is not cumbersome; the problem of coordination and communication which is a major setback to the operations of large firms is therefore easily solved in small businesses. They conveniently give keen interest and personal attention to the particular requirements of their customers who in some cases are willing to pay something extra for the special and urgent services rendered.