Caladium Consulting has officially unveiled The Caladium 2024 Nigerian SME Report, that provides a detailed look into the SME landscape across Nigeria. The report, which was launched at its SME bootcamp, is a landmark study by Caladium Consulting addressing 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. 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, among others. The report engaged with SMEs at every level to capture their day-to-day experiences and unique struggles.

Executive Secretary, Lagos State Employment Trust Fund (LSETF), Feyisayo Alayande, who led the launch of the report and also featured in it, alongside the Director of Programmes, LSETF, Oyindamola Egbeyemi, said, “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.”

The Caladium 2024 Nigerian SME Report sheds light on critical issues, such as limited access to affordable financing. 52 per ecent 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 per cent of SMEs, while escalating operational costs and regulatory complexities add further strain—38.12 per cent 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.

Convener, The Caladium Lagos SME Bootcamp and CEO of Caladium Consulting, Ayo Akintujoye, said that limited access to affordable finance and regulatory support affects 52 per cent 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,” he said.

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 per cent 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,” said Managing Director, UAC Foods, Oluyemi Oloyede.

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 catalyse 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. Oloyede, who thereafter featured on an Executive dialogue along with MD of Dutum Company Ltd., Mr. Temitope Runsewe, and the Convener, 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 Digital Creator, Pamilerin Adegoke; Senior Special Assistant to the Lagos State Governor, Oluwatoyin Atanda; Digital Sales Manager at BusinessDay, Linda Ochugbua; Head, SMEs, Ecobank Nigeria, Omoboye Odu; Onaolapo Thomas and Odion Aleobua, offered valuable insights for resilience and growth in Nigeria’s SME sector.

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.