Micro, Small, and Medium Enterprises (MSMEs) in Ogun State are sounding the alarm over mounting difficulties in securing financial support, citing inadequate collateral, weak credit histories, and steep interest rates as key obstacles that threaten the survival and growth of their businesses.
At a press conference ahead of the 2025 Deemakay Business Exhibition, vendors voiced additional concerns over unreliable electricity, inconsistent regulatory policies, and a tangle of multiple taxes and levies imposed by various government tiers—factors that together stifle expansion and daily operations.
Adedamola Makanjuola, CEO of Deemakay World, emphasized the urgent need for targeted government interventions and ongoing support to stimulate sustainable economic progress. Makanjuola argued that protecting and nurturing small businesses is critical to economic resilience, given the sector’s significant contribution to the state’s economy.
She acknowledged that a lack of fundamental business management skills—including record-keeping, strategic planning, and quality control—combined with limited access to technical support, leaves many entrepreneurs unable to adopt modern technologies and digital tools needed to boost productivity and competitiveness.
Makanjuola highlighted how the lack of financing is compounded by a chaotic regulatory environment and excessive taxation, which drain resources and push many businesses to the brink. The burden of providing their own utilities, such as electricity and transportation, further inflates operating costs.
Despite these hurdles, Makanjuola insisted that Ogun State has the potential to build a vibrant small business ecosystem. She called on the government to take concrete steps to create a more supportive environment where informal sector vendors can thrive.
This year’s Season 7 Deemakay Business Exhibition will feature Commissioner for Women Affairs and Social Development, Adijat Adeleye, as the guest speaker, underscoring the importance of collective action in overcoming challenges faced by MSMEs.
