Caladium Lagos SME Bootcamp, in its 7th edition, convened industry leaders, policymakers, entrepreneurs, and aspiring business owners to address pressing challenges faced by Nigerian SMEs and explore strategies for growth.
The event culminated in the launch of the 2024 Nigerian SME Report by Caladium Consulting, featuring insights from over 1,500 SMEs across sectors such as agriculture, manufacturing, technology, and retail.
Feyisayo Alayande, Executive Secretary of the Lagos State Employment Trust Fund (LSETF), disclosed the report’s relevance, stating, “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.”
The report highlights the challenges faced by SMEs in Nigeria. Access to affordable finance emerged as the most critical issue, with 52% of respondents citing it as their primary barrier to growth. Regulatory hurdles, including foreign exchange restrictions, were identified by 38.12% of businesses as a significant challenge. Infrastructure deficits, such as unreliable electricity and poor transportation networks, affected 15.72% of respondents.
Read also: Caladium Consulting introduces SME Fellowship to boost Lagos’ Business Ecosystem
Inflation was also highlighted as a major concern, with many businesses reporting profit reductions of up to 50% due to rising operational costs. Despite these challenges, the report reveals that many SMEs are eager to expand but lack the financial tools and support systems to achieve sustainable growth.
The report calls on stakeholders, including policymakers, financial institutions, and private-sector actors, to address systemic gaps affecting SMEs. It provides actionable recommendations, including reforms to improve funding access, streamline regulatory processes, and reduce operational costs.
Ayo Bankole Akintujoye, Convener of the Caladium Lagos SME Bootcamp and CEO of Caladium Consulting remarked, “Limited access to affordable finance and regulatory support affects 52% of Nigerian SMEs. We believe this report will drive awareness and mobilise stakeholders, be they in government, finance, or private sectors, to address these systemic gaps.”
The Bootcamp featured a branding masterclass led by Oyewole Oyeniyi, a lecturer at Obafemi Awolowo University and Brand and Communication Lead at 101Caven Ltd. He shared practical strategies for improving brand visibility and reputation management.
A CEO Spotlight session led by Oluyemi Oloyede, Managing Director of UAC Foods, provided insights into production, distribution, leadership, and client acquisition in Nigeria. Oloyede stated, “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.”
Oloyede also participated in an executive dialogue alongside Ayo Bankole Akintujoye and Temitope Runsewe, Managing Director of Dutum Company Ltd.
A panel discussion featured experts including Pamilerin Adegoke, Oluwatoyin Atanda, Linda Ochugbua, Onaolapo Thomas, Odion Aleobua, and Omoboye Odu. The panel addressed resilience strategies and growth opportunities for SMEs in Nigeria.
The event also hosted a pitch competition for innovative SMEs. Aro Farms Limited, a farm-produce business, won the ₦750,000 grand prize. Sheila Shittu, representing the fashion industry, received a ₦450,000 grant, while Balcreatives, a bead-making enterprise, secured ₦300,000.
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