80% of businesses in Africa fail within five years of establishment – report

Eighty percent of businesses under the Micro, Small and Medium Enterprises (MSME) in Africa fail within the first five years of their existence despite having the highest entrepreneurship rate in the world, a 2022 Nigeria MSME report has shown.

The report titled ‘fuel for Africa’s next billion businesses’ compiled by Kippa, a Fintech startup that helps small businesses manage financial records, also revealed that 22 percent of…