With SMEs Driving 48% of GDP, Stakeholders Push For Stronger Market Access 

As Nigeria seeks to grow jobs and diversify away from oil, stakeholders said attention must turn to how small businesses access markets.
Small and Medium Enterprises (SMEs) account for about 48 per cent of Nigeria’s economy, according to data referenced at a stakeholder engagement in Lagos ahead of the Leadway Lifestyle Fair scheduled for October 24 and 25, 2026.
The MD/CEO of Leadway PFA, Olusakin Labeodan said policy discussions around SMEs have focused too long on credit.
“In Nigeria, SMEs account for about 48 per cent of the economy, underscoring their critical role in driving enterprise, employment and economic activity. Supporting these businesses, therefore, must go beyond providing financial solutions,” Labeodan said.
He referenced the 2025 edition of the fair as a test of whether physical marketplaces still matter for small businesses trying to reach consumers directly.
The brand and communications manager at Leadway, Niyi Abiola added that the event evolved from earlier media-support programs for small businesses and is now structured around product visibility and direct sales.
Also, president of the Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola, said many SMEs are shut out of growth opportunities because of cost and lack of platforms.
“The collaboration is driven by a shared commitment to supporting the growth and success of Nigerian SMEs. Leadway has created a platform that gives small businesses access to visibility, customers, networking and business support, while ASBON’s role is to help connect relevant SMEs within our network to such opportunities,” Egbesola said.
Speaking specifically on market access, he noted, “The Fair gives SMEs an opportunity to showcase their products and services directly to potential customers and a wider audience for free. Beyond the exhibition itself, the networking opportunities and increased exposure before, during and after the Fair can help participating businesses build awareness, attract new customers and strengthen their market presence.”