The 2024 State of Entrepreneurship (SoE) Report released by FATE Foundation has ranked Ebonyi State among the best-performing states in Nigeria, even as the nation recorded a sharp decline in new business formation.
According to the report, Nigeria’s business birth rate dropped to 24 percent in 2024, compared to 30 percent in 2023 and 32 percent in 2022. Despite this decline, Ebonyi and Anambra States emerged as leaders with an entrepreneurship index score of 0.77, significantly above the national average of 0.46.
The report noted that Ebonyi excelled in business birth rates, the proportion of registered businesses, and support for youth and female-led enterprises that grew and secured financing. Female participation in entrepreneurship also rose during the year, with 47 percent of new businesses across Nigeria established by women, up from 42 percent in 2023. States including Ebonyi, Anambra, and Ogun recorded the highest growth rates for female-led businesses.
However, entrepreneurs in Ebonyi and across the country continued to face challenges such as limited access to finance, poor electricity supply, insecurity, foreign exchange instability, and weak infrastructure.
Despite these obstacles, optimism among entrepreneurs remained strong, with 87 percent expressing confidence in future business opportunities. Expansion plans slowed compared to the previous year, as only 68 percent of entrepreneurs indicated growth intentions in 2024, down from 78 percent in 2023.
The report recommended policies to sustain progress in states like Ebonyi, including recapitalisation of development finance institutions, establishment of incubator programmes for youth and female-led businesses, expansion of non-oil exports, simplified business registration, and creation of public-private dialogue platforms to enhance inclusive policymaking.
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