New business density in Nigeria
Nigeria: New business density was 1.12 new registrations per 1,000 people ages 15-64 in 2022. ▲ Rising
New business density in Nigeria, 2006–2022
Source: Entrepreneurship Database, World Bank (WB). Measured in new registrations per 1,000 people ages 15-64.
Analysis
In 2022, new business density in Nigeria stood at 1.12 new registrations per 1,000 people ages 15-64. That is the highest value across all 17 years on record.
The figure is up 2.4% on the previous year and up 27.2% over ten years.
Over the whole period, new business density in Nigeria peaked at 1.12 new registrations per 1,000 people ages 15-64 in 2022 and was at its lowest, 0.4379 new registrations per 1,000 people ages 15-64, in 2006.
Nigeria ranks 124th of 177 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 17 years of available data.
New business density in Nigeria, year by year
| Year | new registrations per 1,000 people ages 15-64 | Change |
|---|---|---|
| 2006 | 0.4379 new registrations per 1,000 people ages 15-64 | — |
| 2007 | 0.5713 new registrations per 1,000 people ages 15-64 | +30.5% |
| 2008 | 0.7706 new registrations per 1,000 people ages 15-64 | +34.9% |
| 2009 | 0.7632 new registrations per 1,000 people ages 15-64 | -1.0% |
| 2010 | 0.7429 new registrations per 1,000 people ages 15-64 | -2.7% |
| 2011 | 0.8041 new registrations per 1,000 people ages 15-64 | +8.2% |
| 2012 | 0.8767 new registrations per 1,000 people ages 15-64 | +9.0% |
| 2013 | 0.7819 new registrations per 1,000 people ages 15-64 | -10.8% |
| 2014 | 0.7356 new registrations per 1,000 people ages 15-64 | -5.9% |
| 2015 | 0.7009 new registrations per 1,000 people ages 15-64 | -4.7% |
| 2016 | 0.7292 new registrations per 1,000 people ages 15-64 | +4.0% |
| 2017 | 0.7378 new registrations per 1,000 people ages 15-64 | +1.2% |
| 2018 | 0.7878 new registrations per 1,000 people ages 15-64 | +6.8% |
| 2019 | 0.8052 new registrations per 1,000 people ages 15-64 | +2.2% |
| 2020 | 0.8449 new registrations per 1,000 people ages 15-64 | +4.9% |
| 2021 | 1.09 new registrations per 1,000 people ages 15-64 | +28.9% |
| 2022 | 1.12 new registrations per 1,000 people ages 15-64 | +2.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 0.6358 new registrations per 1,000 people ages 15-64 | 0.4379 new registrations per 1,000 people ages 15-64 | 0.7706 new registrations per 1,000 people ages 15-64 | 4 |
| 2010s | 0.7702 new registrations per 1,000 people ages 15-64 | 0.7009 new registrations per 1,000 people ages 15-64 | 0.8767 new registrations per 1,000 people ages 15-64 | 10 |
| 2020s | 1.02 new registrations per 1,000 people ages 15-64 | 0.8449 new registrations per 1,000 people ages 15-64 | 1.12 new registrations per 1,000 people ages 15-64 | 3 |
Countries ranked near Nigeria
- 121 Sri Lanka 1.19 new registrations per 1,000 people ages 15-64 compare
- 122 El Salvador 1.14 new registrations per 1,000 people ages 15-64 compare
- 123 Tuvalu 1.13 new registrations per 1,000 people ages 15-64 compare
- 125 Solomon Islands 1.09 new registrations per 1,000 people ages 15-64 compare
- 126 Uganda 1.08 new registrations per 1,000 people ages 15-64 compare
- 127 Saint Lucia 1.06 new registrations per 1,000 people ages 15-64 compare
More private sector data for Nigeria
- Merchandise trade 33.3% (2025)
- Food imports 11.0% (2024)
- Manufactures imports 46.0% (2024)
- Merchandise imports 41.45 billion current US$ (2025)
- Food exports 6.0% (2024)
- Manufactures exports 3.5% (2024)
- Merchandise exports 55.47 billion current US$ (2025)
- Merchandise exports (current US$), per capita 233.52 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1907 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 4.03 % change on previous year (2025)
Frequently asked questions
- What is new business density in Nigeria?
- New business density in Nigeria was 1.12 new registrations per 1,000 people ages 15-64 in 2022, according to Entrepreneurship Database, World Bank (WB).
- What is the highest new business density recorded in Nigeria?
- The highest recorded value was 1.12 new registrations per 1,000 people ages 15-64 in 2022.
- What is the lowest new business density recorded in Nigeria?
- The lowest recorded value was 0.4379 new registrations per 1,000 people ages 15-64 in 2006.
- How does Nigeria rank for new business density?
- Nigeria ranks 124th out of 177 countries with data for 2022.
- Is new business density rising or falling in Nigeria?
- Over the last ten years it is up 27.2%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from Entrepreneurship Database, World Bank (WB), published as part of New business density (new registrations per 1,000 people ages 15-64). Statizoid updates them automatically from the source API.
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About this data
The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year.