A recent report has shed light on the growing trend of entrepreneurship in Nigeria, with a significant 3 out of 10 citizens running their own businesses. This surge in entrepreneurship is attributed to a combination of factors, including increased access to the internet, a high unemployment rate, and a growing youth demographic.

The report, published by PiggyVest, highlights the proliferation of informal businesses in Nigeria, which has been driven by the country's high unemployment rate and the challenges associated with running a formal business. Many aspiring entrepreneurs have opted for informal businesses to avoid the numerous barriers and taxes that come with formal business ownership.

Interestingly, the report reveals that women are more likely to be entrepreneurs than men, with 27% of women and 23% of men likely to own a business. This trend is encouraging, given the significant role that women play in driving economic growth and development in Nigeria.

In terms of generational differences, the report shows that Generation X is the most likely to own businesses, with approximately 40% of respondents indicating that they are business owners. Millennials follow closely, with 32% reporting business ownership, while Boomers demonstrate moderate entrepreneurial activity with 26% reporting ownership of a business. Generation Z, however, lags behind, with only about 16% reporting business ownership.

The report also provides insight into the types of businesses being operated by Nigerian entrepreneurs. A staggering 8 out of 10 business owners run microbusinesses, or companies with less than nine employees. Only 1 out of 10 business owners operate small firms with 10 to 49 employees, making them a distant second.

The growth of entrepreneurship in Nigeria is a positive trend, given the country's economic challenges. With more citizens taking the leap to start their own businesses, there is hope for increased economic growth, job creation, and innovation. However, it is essential to address the challenges associated with running a formal business in Nigeria, including high taxes and bureaucratic barriers, to create a more conducive environment for entrepreneurs to thrive.

As Nigeria continues to navigate its economic challenges, the rise of entrepreneurship is a beacon of hope for the country's future. With the right support and policies in place, Nigerian entrepreneurs have the potential to drive significant economic growth and development, creating a brighter future for generations to come.