The 2024 Caladium Nigerian SME Report

Growing up, I watched my mother fight to keep her small family business afloat after my father passed away. That experience shaped me. It’s why I’m so passionate about helping small businesses thrive.

Image: Mrs Feyisayo Alayande, Executive Secretary of Lagos State Employment Trust Fund (LSTEF) launching the 2024 Caladium Nigerian SME report at the Caladium Lagos SME Bootcamp 7.0

Growing up, I watched my mother fight to keep our family business afloat after my father passed away. She worked tirelessly, managing every penny, making tough decisions, and giving everything she had to ensure we survived. That experience shaped me. It’s why I’m so passionate about helping small businesses thrive today.

In Nigeria, small businesses are the backbone of the economy. They make up 90% of our businesses and employ millions. But, despite their critical role, they face some tough realities. These businesses are struggling to access the resources, education, and networks they need to grow. My mother’s struggle was real, and it’s a struggle shared by so many today. That’s why I wanted to help amplify their voices—and that’s exactly what the 2024 Caladium Nigerian SME Report is all about.

In this report, we surveyed 1,520 SMEs and spoke with real businesses and policy makers who shared their stories, their challenges, and their hopes. From inflation and currency volatility to the persistent difficulty in accessing capital—these are the issues that small business owners face day in and day out. But we didn’t stop there. We also spoke to policymakers, industry leaders, and business owners to truly understand the gaps and opportunities for better support.

The findings are clear: SMEs don’t just need well-meaning policies—they need tailored support. Business education, access to funding, and robust networks to increase access to market are crucial to help them scale and thrive. It’s not just about throwing money at a problem; it’s about creating lasting, sustainable support that makes a real difference.

If you’re an SME owner or advocate, or just someone who believes in the power of small businesses, I encourage you to read the full report. It’s a roadmap for how we can begin to build that support.

For a deeper dive into the challenges and opportunities for SMEs, read the full report here.

If you have not already, join our Caladium SME Community Click this "link" to connect with like-minded entrepreneurs on WhatsApp.

Warm regards,

Ayo Bankole Akintujoye

Convener Caladium SME Community