Micro, Small, and Medium Enterprises (MSMEs) in Ogun State are raising fresh concerns over increasing challenges in accessing financial support. Many business owners say the lack of adequate collateral, poor credit history, and high interest rates continue to limit their ability to secure loans needed for growth and survival.
Speaking at a press briefing ahead of the 2025 Deemakay Business Exhibition, vendors also pointed to unreliable electricity supply, inconsistent government regulations, and multiple taxes from different levels of government as major issues slowing down their operations.
Adedamola Makanjuola, CEO of Deemakay World, stressed the need for targeted government intervention and continuous support to keep small businesses alive. She noted that MSMEs remain a vital part of the state’s economy, and protecting them is key to ensuring long-term economic stability.
Makanjuola added that many entrepreneurs still struggle with basic business management skills—such as record-keeping, planning, and quality control—while limited access to technical assistance makes it difficult for them to adopt new technologies and digital tools required to stay competitive.
She explained that the lack of financing is made worse by a confusing regulatory environment and heavy taxation, which drain resources and push many small businesses to the edge. The need to self-provide essential utilities like electricity and transportation further raises their operational costs.
Despite these challenges, Makanjuola believes Ogun State has the potential to build a strong and thriving small business ecosystem. She urged the government to take practical steps to create a more supportive environment where informal sector businesses can grow.
The Season 7 Deemakay Business Exhibition will feature the Commissioner for Women Affairs and Social Development, Adijat Adeleye, as the guest speaker highlighting the importance of joint efforts in addressing the challenges facing MSMEs.
