Insights for Change: The 2024 Nigerian SME Report Debuts at CLSME Bootcamp 7.0

The Caladium Lagos SME Bootcamp returned on Saturday, November 9, 2024, for its 7th edition, and brought together Nigeria’s top industry leaders, policymakers, entrepreneurs, and aspiring business owners at the Ecobank Pan African Center in Victoria Island, Lagos.

This year’s event was packed with insightful sessions and dynamic conversations centered around the tools and strategies that Nigerian SMEs need to overcome modern challenges. The event culminated in the unveiling of The Caladium 2024 Nigerian SME Report, that provides a detailed look into the SME landscape across Nigeria.

The Caladium 2024 Nigerian SME Report’s official launch, a landmark study by Caladium Consulting to address the pressing need for accurate, sector-specific data on Nigeria’s small and medium enterprises.

Over several months, Caladium collected responses from more than 1,500 SMEs across diverse sectors, including agriculture, retail, manufacturing, and technology.

Cross section of attendees at the Caladium Lagos SME Bootcamp 7.0

The report offers a multi-faceted analysis of the challenges these businesses face, particularly in areas like financing, operational costs, regulatory barriers, and economic uncertainty.

This report combines in-depth survey findings with insights from key industry leaders and policymakers. This ensures a well-rounded perspective that accurately reflects the realities faced by Nigerian entrepreneurs. From field research to detailed interviews, the Caladium team combined both survey and interview techniques, and cut across multiple sectors including agriculture, manufacturing, financial services, construction, fashion, etc.

The report engaged with SMEs at every level to capture their day-to-day experiences and unique struggles.

“It is important that everyone plugs into this. Push it as much as you can because ultimately everyone who has value to add to this SME ecosystem should be reading this survey and pushing it out there. Well done guys for a job well done,” said Feyisayo Alayande, executive secretary at the Lagos State Employment Trust Fund (LSETF), who led the launch of the report and also featured in it, alongside Oyindamola Egbeyemi, the director of Programmes, LSETF.

The Caladium 2024 Nigerian SME Report sheds light on critical issues, such as limited access to affordable financing. 52%  of respondents identified access to affordable finance as their primary barrier to growth.

Beyond financial challenges, infrastructure issues like unreliable electricity and poor transportation impact 15.72% of SMEs, while escalating operational costs and regulatory complexities add further strain—38.12% of respondents cited foreign exchange regulations as the most significant regulatory hurdle. These insights aim to inform policymakers while offering actionable strategies to help SMEs navigate a challenging business landscape.

“Limited access to affordable finance and regulatory support affects 52% of Nigerian SMEs,” noted Ayo Bankole Akintujoye, Convener of The Caladium Lagos SME Bootcamp and CEO of Caladium Consulting. “We believe this report will drive awareness and mobilize stakeholders—be they in government, finance, or private sectors—to address these systemic gaps.”

L-r: Oluyemi Oloyede; Managing Director and Chief Executive Officer at UAC foods; Ayo Bankole Akintujoye CEO Caladium Consulting & Fedacash, Co-founder and Convener Caladium Lagos SME Bootcamp & SME community

Among the report’s notable findings, inflation emerged as the most significant external factor impacting SMEs, with respondents reporting an average profit reduction of up to 50% due to rising costs. The survey also revealed that while many SMEs are eager to expand, they often lack the financial tools or support systems to do so sustainably. “It is my hope that this report will open the eyes of the public to nuances that are peculiar to the MSMEs in Nigeria and Africa and how we can support them to long term profitable growth.” added Oluyemi Oloyede, MD of UAC Foods.

The 2024 Nigerian SME Report is positioned as a pivotal tool for fostering informed discussions between SMEs, investors, and government entities. It aims to serve as a call to action for stakeholders to implement solutions that are practical, timely, and tailored to the needs of Nigerian small businesses.

Caladium Consulting hopes the report will catalyze real change in the business landscape through actionable recommendations on funding access, regulatory reform, and cost-management strategies.

Aside from the report launch, The Caladium Lagos SME Bootcamp also featured a high-impact Branding Master Class led by Oyewole Oyeniyi, a Lecturer at OAU and Brand and Communication Lead at 101Caven Ltd, who shared essential strategies on brand visibility and reputation management for small businesses.

A major highlight of the event was the CEO Spotlight session by Mr. Oluyemi Oloyede, MD and CEO at UAC Foods Nigeria, who thereafter featured on an Executive dialogue along with Mr. Temitope Runsewe, MD of Dutum Company Ltd., and the Convener, Ayo Bankole Akintujoye.

The dialogue provided practical insights into the challenges of production, distribution, leadership, and client acquisition in 2024 Nigeria and how SMEs can overcome them. Expert panelists, including Pamilerin Adegoke, Digital Creator; Oluwatoyin Atanda, Senior Special Assistant to the Lagos State Governor; Linda Ochugbua, Digital Sales Manager at BusinessDay; Onaolapo Thomas, Odion Aleobua and Omoboye Odu, Head of SMEs at Ecobank Nigeria, offered valuable insights for resilience and growth in Nigeria’s SME sector. Social media platforms have since seen a flurry of positive feedback from hundreds of attendance participants.

L-r: Winner of Caladium Lagos SME Pitch Competition #750,000 Aro Farms Ltd; Second place winning #450,000 Sheila Shittu; Third place winning #300,000 Balcreatives

The event also spotlighted a pitch and grant-winning competition, in which Aro Farms Limited, an innovative farm-produce business won ₦750,000 in grants, Sheila Shittu in fashion secured ₦450,000 grant, and Balcreatives, a bead-making venture, won the third place with ₦300,000.

The Nigerian SME Report

The 2024 Nigerian SME Report is a comprehensive resource that combines quantitative survey data with qualitative insights from industry experts. Its findings cover a wide spectrum, from demographic details and operational challenges to future growth projections. Developed with a commitment to accuracy and impact, the report serves as a guide for all stakeholders interested in strengthening Nigeria’s SME sector—from policymakers and financial institutions to SME owners themselves.

The Nigerian SME Report can be downloaded here.

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