Facebook Reports Revenue Growth for Nigerian SMEs on Platform

Social media giant, Facebook has stressed the importance of digital platforms for the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria. It claimed that the platform has increased profit for users.

This is even as the Vice President, Prof. Yemi Osinbajo met with Facebook Chief Operating Officer, Sheryl Sandberg, at the on-going World Economic Forum in Davos, Switzerland.

The meeting as monitored was focused on enhancing local businesses in Nigeria for better and maximum global exposure.

Facebook, which currently has 2.07 billion monthly active users and 1.37 billion daily active users on average worldwide and 10 million daily users and 22 million monthly active users from Nigeria, said using the platform to trade, 91 per cent of businesses surveyed outlined the increased demand they have seen for their company’s goods/services, not only in their home country, but further afield.

According to a study conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,000 SMEs across a number of sectors including technology, services, manufacturing, retail and healthcare, it highlighted how communities like SMEs in Nigeria use the platform, and the effectiveness of social media as a growth tool, the results provided some interesting insights into usage and potential opportunities for local businesses.

Commenting on the research, SMB Sales Manager EMEA, Abi Williams, said with rising access to the Internet across Nigeria, and the low cost of smartphones, digital platforms such as Facebook’s family of apps have become incredible mechanisms to build communities and foster relationships.

“With more SMEs leveraging digital tools to communicate and engage with existing and potential customers, there have never been so many opportunities to maximise growth, and connect with relevant customers locally and globally,” Williams stated.


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