SME 100 celebrates Nigeria’s fastest-growing founders, equips them to scale new heights

The air in The Stable event centre in Surulere, Lagos, shimmered with anticipation. It was December 6, 2024—a date etched in the hearts of entrepreneurs who dared to dream, build, and battle against the odds to create wealth.

Small and Medium Enterprises 100 (SME 100), BusinessDay’s flagship platform for recognising Nigeria’s most resilient and innovative founders, was about to unveil the Top 100 Fastest-Growing SMEs in Nigeria. This was more than just an award ceremony; it was a beacon of hope and a toolkit for growth.

Linda Ochugbua, manager of Digital Sales at BusinessDay Media Limited, moved through the room with quiet authority and unmistakable purpose. Her team orchestrated the seventh edition of SME 100 with precision, curating an experience that blended inspiration, knowledge, and celebration.

The hall was alive with energy: veteran serial entrepreneurs, legal professionals, investors, business leaders, financial experts, tax consultants, and policymakers—all gathered in one space. Representatives from the Lagos State Employment Trust Fund (LSETF) mingled their presence as a reminder that government support for small businesses was not just rhetoric, but action.

Scaling for Success

The theme, “Scaling for Success: Growth Opportunities for Nigeria’s SMEs,” resonated like a mantra throughout the day’s conference. Panel discussions buzzed with insights, advice, and the kind of hard-earned wisdom that turns dreams into empires.

Olufemi Egbesola, co-founder and CEO of the Association of Small Business Owners of Nigeria (ASBON), captured the essence of scaling: “Scaling means sustainable, profitable growth without proportionate cost increases.”

His words, delivered with the clarity of a seasoned leader, struck a chord. The formula for massive success, he explained, remained unchanged: solve a big problem, distribute your solution widely, and collect revenue. But in today’s hyper-connected world, scaling requires more—digital transformation, market expansion, strategic partnerships, and corporate governance. He painted a picture of possibilities: SMEs accessing the NGX SME Board, and attracting foreign capital.

The day’s sessions were like a masterclass in ambition. A roadmap to growth emerged through the voices of the panellists:

Set Clear Goals: A two- or five-year plan was no longer optional; it was essential. Without a destination, the journey falters.

Get the Basics Right: Register with the Corporate Affairs Commission, understand the fundamentals of bookkeeping, and leverage free digital tools to automate processes.

Build Your Brand: Branding was no longer a luxury but a lifeline. Whether through social media, storytelling, or community engagement, founders learned that a brand was the emotional bridge between a business and its customers.

Engage Your Community: Success was never a solo endeavour. It grew in the soil of relationships, partnerships, and shared struggles.

The Engine of Nigeria’s Economy

The numbers told their own compelling story. SMEs contribute 48 per cent of Nigeria’s gross domestic product (GDP), a staggering ₦34.08 trillion of the ₦71 trillion economy. They employ over 80 per cent of the workforce, generate 64 per cent of tax revenue, and account for 7.64 per cent of total exports. There are 40 million micro, small, and medium enterprises (MSMEs) across Nigeria, each one a cog in the engine of the nation’s economic resilience. They were more than statistics; they were the lifeblood of markets, the hum of factories, the stories behind shop counters.

Oyindamola Egbeyemi, director of Programmes and Coordination at LSETF, spoke passionately about the agency’s role:

“We provide single-digit financing, business support services, and digital marketing education. Our employability programmes and tech innovation hubs are helping SMEs not just survive, but thrive.”

Yet beneath the optimism, challenges loomed large. Funding gaps, a lack of business records, and poor digital adoption threatened to choke growth. Paul Uzoho, head of SME Business at Zedvance Microfinance Bank, did not mince words:

“SMEs need a credit methodology that onboards and guides them through financing.”

Ayo Bankole Akintujoye, convener of the Caladium SME Community, called for a national guarantee system to support traditional savings systems like esusu. It was clear: funding was not just a financial issue; it was an ecosystem issue.

The Awards Dinner: Triumph and Reflection

As the sun dipped below the horizon, the conference hall transformed into a glowing haven of celebration. Soft golden lights bathed the room, casting a warm glow over linen-draped tables adorned with bouquets of fresh lilies and hibiscus. The scent of jollof rice, grilled chicken, and moi-moi wafted through the air, mingling with the faint tang of champagne. The murmur of conversations softened as the awards ceremony began.

The evening was a symphony of triumph and reflection. One by one, the Top 100 Fastest-Growing SMEs were called to the stage. Each name echoed like a drumbeat of resilience. Applause roared, some claps sharp and stinging, others like waves crashing ashore. Faces shone with tears of joy and relief—the kind of tears only those who have stared failure in the face could understand.

Founders who had toiled in obscurity—who knew the sting of empty bank accounts, the ache of late nights, and the gnawing fear of failure—now stood tall, trophies glinting in their hands. They weren’t just winning awards; they were staking claims in a future they were building with their own hands.

And as the night breathed its last, and the winners drifted into the shadows of the Lagos skyline, one thing was clear—this was just the beginning of Nigeria’s rise, powered by a million dreams and the unwavering courage to pursue them.

Here is a brief list of the winners a more comprehensive list will follow.

Vendor Credit Limited

Pandora Global Agency Limited

The Fufu Factory LTD