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Lagos, Nigeria; 8 August 2025 — Miva Open University has successfully launched the 2025 Half-Year MSME Survey Report, a landmark document assessing the performance and policy environment of Micro, Small, and Medium Enterprises (MSMEs) in Lagos.
The launch event, held on 7th August 2025 at the university’s Lagos Study Centre, brought together a good number of stakeholders from business, academia, and civil society. The hybrid event allowed for both physical and virtual participation.
In attendance were the Director General of the Lagos State Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, represented by Dr Sunnie Omeiza-Michael; the President of the Association of Small Business Owners of Nigeria (ASBON), Dr Femi Egbesola; Lead Coach at MORE (Meristem Orientation for Rising Entrepreneurs) by Meristem Limited, Dr Femi Oladele; the representative of the Lagos State Commissioner for Commerce, Trade and Investment, Mr Alogba; the representative of the Commissioner for Wealth Creation and Employment, Mrs Kemi Ogunbayode; and the Chief Commercial Officer of the Technology Incubation Centre (TIC, Lagos) and the National Board of Technology Incubation (NBTI), Mrs Adebowale Taiwo.
In his remarks, Dr Femi Akinbola, Head of Department, Department of Business Management and Entrepreneurship at Miva Open University and lead researcher of the survey, stated:
“We observe that MSMEs still face some of the challenges we were taught about in school. We evaluated [the MSMEs] in terms of the challenges they face, the impact of government policies, and how these policies affect them. When it comes to the challenges, we discovered a high level of agreement on persistent obstacles.”
The first keynote speaker, Mr Cyril Oghaego, CEO/MD of C-Divine Answer Limited, highlighted economic inequality, pointing out that while about 8–10% of the population are wealthier than the remaining 90%, around 70% rely on MSMEs for their income.
He said, “We should not always spend our time focusing on what I call niche problems. A wise person, wise leadership, or a wise organisation identifies the cause of a problem and does something on time.”
The Managing Director of AACE Foods, Mrs Gloria Nwabuike, the second keynote speaker, called for stronger collaboration among MSMEs and supportive government reforms. She stated, “This report is a beautiful report. This is something that we would have paid a lot of money to get. [Miva] did fieldwork and interviews; [they] spoke to the real people. I beg that you use this report not just for an academic exercise but as a tool.”
The survey recorded a 75% response rate from 200 entrepreneurs across 10 major markets in Lagos, including Oshodi, Alaba, Idumota, Mile 12, Ladipo, and Balogun. Findings show mixed results:
- Financing remains the biggest challenge, hindered by strict loan conditions, high interest rates, and limited financial literacy.
- Market access is improving through digital platforms, but supply chain issues and competition persist.
- Structural barriers such as poor infrastructure, regulatory burdens, and low awareness of government policies continue to slow growth.
- Positive signs include improved sales and profitability, driven by better customer service and increased digital adoption.
The report recommends expanding affordable finance, simplifying government regulations, investing in infrastructure and security, and promoting digital tools to boost market reach and competitiveness.
The full report is now available for free download here.
To learn more about the university’s programmes, admissions, and other offerings, visit www.miva.university, call 0700 044 4000, or contact an Admissions Advisor on WhatsApp at +234 9132 300 000.
