Business
FOUNDER of Nimbus Aid Foundation, Mr Wale Adegoke, says market visibility, not just funding, is critical to reducing the high failure rate of small businesses in Nigeria.
Adegoke in a statement on Thursday in Lagos said many intervention programmes focused heavily on grants, loans, and training, while neglecting the importance of helping businesses reach their target markets.
“You can fund a business and train the founder, but if nobody knows the product exists, the fundamental problem remains unsolved,” he said.
He said improving advertising visibility could significantly change the growth trajectory of small businesses across the country.
According to him, the foundation has, over eight years, demonstrated that access to media exposure can be as impactful as financial support.
Adegoke said the foundation, established in 2016, had provided over N50 million in advertising support to 33 SMEs nationwide, with emphasis on women-led enterprises.
He explained that the model offers media placements and advertising inventory instead of direct cash, enabling businesses to gain visibility beyond their financial capacity.
Adegoke noted that rising media costs, Naira depreciation, and inflation in digital advertising had made it increasingly difficult for SMEs to compete for consumer attention.
He said many small businesses with quality products remained largely unknown due to limited marketing budgets.
Also speaking, Communications Director of the foundation, Mr Edward Israel-Ayide, said the visibility gap was one of the most underappreciated barriers to SME growth in Nigeria.
Israel-Ayide said national discourse often focused on access to finance, with less attention paid to challenges of market access and customer reach.
“A business that cannot reach its market is structurally disadvantaged, regardless of how much capital it has,” he said.
He added that improving visibility would help bridge the gap between production and sales performance among SMEs.
The Small and Medium Enterprises Development Agency estimates that about 80 per cent of new businesses in Nigeria fail within their first five years.
Experts say that despite widespread support initiatives, many SMEs struggle due to weak brand awareness and limited access to customers.
The foundation recently transitioned into an independent entity to expand its reach and attract broader partnerships.
It now operates with a board of trustees and plans to combine advertising support with quarterly training programmes for beneficiary businesses.
Adegoke said the next phase of its work would focus on strengthening the link between visibility and business capability.
He said while advertising drives awareness, entrepreneurs must also build skills to manage growth and deliver quality services.
Nigeria’s SME sector contributes about 48 per cent to Gross Domestic Product and accounts for roughly 84 per cent of employment. (NAN)
A.I
April 9, 2026
Tags: Mr Wale Adegoke