Fostering Growth: Unveiling the 2024 Nigerian SME Report at CLSME Bootcamp 7.0

At the heart of the bustling entrepreneurial scene in Nigeria, the 2024 Caladium Lagos SME Bootcamp 7.0 emerged as a beacon of empowerment for small and medium-sized enterprises (SMEs). This highly anticipated event, held on November 9, 2024, brought together a vibrant mix of industry titans, policymakers, seasoned entrepreneurs, and budding business owners at the prestigious Ecobank Pan African Center in Victoria Island, Lagos.

Amidst a backdrop of engaging sessions and lively discussions, the spotlight of the event shone brightly on the unveiling of The Caladium 2024 Nigerian SME Report. This seminal report, a brainchild of Caladium Consulting, stands as a cornerstone study designed to address the critical need for precise, sector-specific insights into Nigeria’s SME landscape.

Meticulously crafted over several months, the report draws from the perspectives of over 1,500 SMEs spanning various industries such as agriculture, retail, manufacturing, and technology. It delves deep into the challenges confronting these enterprises, ranging from financial constraints and operational hurdles to regulatory complexities and economic uncertainties.

Offering a comprehensive outlook, the report blends survey data with inputs from key industry figures and policymakers, ensuring a holistic view of the Nigerian entrepreneurial landscape. Through a mix of field research, detailed interviews, and cross-sector analyses, the report captures the daily realities and unique struggles of SMEs across the nation.

During the report launch, Feyisayo Alayande, Executive Secretary at the Lagos State Employment Trust Fund (LSETF), lauded the initiative, highlighting the importance of broad engagement with the findings. The report reveals stark truths, such as the significant impact of limited access to affordable finance, with over half of respondents citing this as a primary growth impediment.

Ayo Bankole Akintujoye, the Convener of The Caladium Lagos SME Bootcamp and CEO of Caladium Consulting, underscored the report’s potential to drive awareness and spur concerted action among stakeholders. The findings shed light on pressing issues like inflation’s detrimental effects on profits and the persistent challenges hindering SME expansion efforts.

Beyond the report’s revelations, the Bootcamp featured enriching sessions, including a Branding Master Class led by industry expert Oyewole Oyeniyi and a CEO Spotlight with notable leaders like Oluyemi Oloyede of UAC Foods Nigeria. An Executive dialogue provided practical insights into navigating production, distribution, leadership, and client acquisition challenges in Nigeria’s evolving business landscape.

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.

These initiatives collectively underscored the commitment to fostering resilience, growth, and prosperity within Nigeria’s dynamic SME sector, setting the stage for a brighter future of entrepreneurial success and sustainability.