A recent report by PwC Nigeria has revealed that family businesses account for more than 70% of small and medium-sized enterprises in Nigeria. These family-owned enterprises contribute close to 50% of the country's Gross Domestic Product. The report was released in conjunction with My Family My Business, as they prepare for their 2026 Summit. The summit aims to bring together family business owners, next-generation leaders, wealth advisors, and industry experts.
The 2026 Family Business Summit, scheduled for October 15-17, 2026, will focus on exploring what it takes to build family enterprises that outlast their founders. The event, organized by My Family My Business in partnership with PwC and BusinessDay, targets family business owners and leaders seeking to tackle pressing challenges facing family-owned businesses across Africa and beyond. This year's theme is "Beyond the Founder: Scaling Family Businesses Across Generations."
According to Oghenevwoke Ighure, Convener of My Family My Business, the real test of a family business is not just its survival beyond the founder but its ability to create value, adapt to a changing world, and provide opportunities for the next generation. Ighure emphasized the importance of having necessary conversations around succession, governance, leadership, capital, and innovation before they become challenges.
The summit will feature a full conference program, a Family Business Deal Room, and a NextGen Bootcamp. These sessions are designed to provide attendees with strategic insights and practical tools for succession planning, governance, and growth. A list of prominent speakers has been announced, including Bolaji Balogun, CEO of Chapel Hill Denham; Sam Abu, Country Senior Partner at PwC Nigeria; and Tara Fela-Durotoye, Founder of House of Tara.
PwC Nigeria serves as the Academic Partner and Knowledge Partner for the event, reflecting its continued collaboration with My Family My Business since the initiative's founding. The event has received support from various sponsors and partners, including FirstBank, Honeywell Group, and Invest HongKong. Other sponsors include Diya Fatimilehin & Co, Suntera Global, Meristem Family Office, and Radix Capital Partners.
Family-owned enterprises continue to play a significant role in Nigeria's business landscape and the wider African economy. As the summit approaches, family business owners and leaders are expected to gather and share insights on building sustainable family businesses. The event aims to provide a platform for families to discuss legacy and consider what it takes to build businesses that can carry that legacy forward.
With the 2026 Family Business Summit approaching, stakeholders are looking forward to insightful discussions and networking opportunities. The summit's focus on succession planning, governance, and growth is expected to provide valuable takeaways for family business owners and leaders. Key points from the report include:
Key points
- Family businesses account for over 70% of Nigeria's SMEs.
- Family businesses contribute nearly 50% to Nigeria's GDP.
- The 2026 Family Business Summit will focus on scaling family businesses across generations.
