Lagos – Impact Investors Foundation (IIF) has advised players in the nation’s Enterprise Support Organisation (ESO) ecosystem to embrace strong collaboration among themselves towards enhancing the capacities of over 38 million Micro, Small and Medium Enterprises (MSMEs) in the country. This, according to IIF, will boost MSMEs’ investment readiness that can unlock more impact capital for enhanced operations. These recommendations were made when the new IIF’s report tagged “The Mapping and Analysis of Enterprise Support Organisation (ESO) in Nigeria” was unveiled yesterday in Lagos.
The new study was launched at the maiden edition of ESO Forum held at the Wheat Baker Hotel in Lagos, the nation’s commercial nerve centre. The theme of the forum was “Scalable Pathways for ESOs in Nigeria to Build MSME Investment Readiness Capacity”, and was attended by the crème de la crème within the nation’s impact investing landscape.
“Our findings provide a clear roadmap for addressing the existing gaps and building a more supportive environment for entrepreneurs across the country,” Etemore Glover, CEO of Impact Investors Foundation, said.
Presentations and panel session were facilitated by Patrick Okigbo, Founder/Principal Partner, Nextier; Alice Omisore Dada, Country Technical Lead, RISA Fund, Chemonics; Ekaette Umoh, GM, Ibom-LED; Ahmed Idris, ED, Enovate Lab; Iffat Mahmud, Country Rep., Innovision Consulting Limited, and Yewande Ososanya, Founder CEO, Strateco Sustainability Nigeria Limited.
Others include Damilola Obadairo, CEO/Founder, 8th Gear Hub & Ventures Studio; Nonye Umahi, CEO, Cuano Consultants Limited; Seye Olurotimi, CEO MSME Africa; Gbemisola Ladipo, Head Strategy and Product Development at the Lagos State employment Trust Fund (LSETF); Evans Edebor, AfCFTA Consultants and CEO PABL Consults, while Etemore Glover, CEO of Impact Investors Foundation, joined via online platform.
“This pivotal study, officially launched in Lagos at the inaugural Nigeria ESO Forum on Thursday, offers an in-depth assessment of the current landscape of ESOs across key sectors in Nigeria, highlighting their crucial role in supporting micro, small, and medium enterprises (MSMEs), challenges, opportunities and identifies funding sources to enhance their long-term viability,” IIF said.
“The extensive study of the enterprise support ecosystem in Nigeria conducted with funding from UK International Development from the UK Government in the second phase of the RISA Fund’s Sustainable Systems for Research and Innovation Financing Project (SSRIF II), involved key informant interviews with representatives from government institutions such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Bank of Industry (BOI), among others, and online surveys with ESOs in the private sector,” IIF added.
The Nigeria Enterprise Support Organisations (ESOs) Collaborative is a programme of the Impact Investors Foundation with support from the RISA Fund of the UK International Development. This programme is building a strong network of diverse ESOs that share a common goal to drive sustainable economic growth through entrepreneurship.
Through a comprehensive range of services, strategic initiatives, and collaborative frameworks; the Collaborative is empowering enterprise support organisations to drive economic growth through a supportive ecosystem where Nigerian enterprises can thrive, grow, and contribute meaningfully to the nation’s economic prosperity and societal well-being.
Commenting on the findings, Alice Dada, Technical Country Lead, Nigeria, RISA Fund, said, “This report provides a comprehensive view of Nigeria’s ESO ecosystem, mapping key players, their innovative offerings, and strategic priorities. By strengthening ESOs, we can unlock greater opportunities for MSMEs, foster economic growth, create jobs, and advance innovation across the country.”
The report states that ESOs in Nigeria predominantly offer services in training and capacity building, access to funding, and technology & product development, market development and management consulting. The survey reveals that 68 percent of the respondents prioritise market development, while 64% focus on management consulting, pointing to a strategic emphasis on expanding markets and improving organizational efficiency
The report further states that 52 percent of the respondents favoured business development services and business incubation/acceleration, underscoring the importance of nurturing innovation and supporting start-ups in Nigeria. The report highlights potential gaps in the provision of financial management (4 percent) and legal services (8 percent), areas critical for sustainable growth in the MSME sector.
Further, a staggering 80 percent of enterprises have limited access to capital, while 84 percent said the high cost of infrastructure is a major barrier to success. Additionally, 72 percent of enterprises are not adequately prepared for the market, emphasising the need for improved readiness programmes.
Budding impact investors such as My Food Angels, Sharesell and Ady Investment showcased their operational capabilities during the forum.
