Vendors in the Micro, Small and Medium Enterprises (MSME) sector in Ogun State say their businesses are being pushed to the brink due to the difficulty of accessing loans from financial institutions. Many of them struggle with demands for heavy collateral, poor credit records, and high interest rates, which make borrowing almost impossible.
They also lamented the impact of erratic power supply, inconsistent regulations, and multiple unharmonized taxes and levies imposed by different tiers of government. According to them, these challenges continue to hinder business growth, expansion, and daily operations.
The vendors voiced their concerns on Monday during a press conference ahead of the 2025 Deemakay Business Exhibition.
Speaking at the event, Adedamola Makanjuola, CEO of Deemakay World, called on the Ogun State Government to introduce targeted interventions and support systems to strengthen the MSME sector. She stressed that small businesses play a critical role in economic development and must not be overlooked.
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Makanjuola noted that many entrepreneurs still lack essential business skills—such as proper record-keeping, strategic planning, and quality control—which limits their ability to scale. She said the absence of technical support also makes it difficult for MSMEs to adopt modern tools and digital platforms needed to boost productivity and remain competitive.
“Access to finance remains one of our most pressing challenges,” she said. “Many MSMEs cannot secure loans because we lack collateral or have limited credit history. Even when loans are available, interest rates are often too high, making it difficult to expand or even maintain daily operations.
“Another major issue is the regulatory burden and multiple taxation. We deal with inconsistent regulations that drain our time and resources. Multiple and unharmonized taxes from different levels of government increase the cost of doing business and can even force some businesses to fold.
“Unreliable power supply, poor transport systems, and a lack of basic amenities also raise operational costs. Many of us have to generate our own electricity and provide other essential services to stay afloat.”
Despite these challenges, Makanjuola maintained that Ogun State has the potential to build a strong and efficient small-scale enterprise ecosystem. She urged the government to create a more supportive environment for vendors and informal sector operators to thrive.
The 2025 Season 7 Deemakay Business Exhibition will feature the Ogun State Commissioner for Women Affairs and Social Development, Adijat Adeleye, as the guest speaker.
