Small and Medium Enterprises (SMEs) in Nigeria face challenges with managing risks. A study looked at how SMEs use different strategies like diversification, collaboration, credit scorecard, and insurance to handle risks. The most common strategy used by SMEs was credit scorecard, followed by diversification and collaboration. Insurance was the least used strategy. The study found that there are significant differences in the risk management strategies adopted by SMEs. SMEs should choose the most suitable and effective strategies to manage their risks.