Nigerian SMEs face customer acquisition as primary growth hurdle

A survey of 495 Nigerian small-business owners conducted by Mola in October 2026 reveals that 57 per cent of respondents identify customer acquisition or business visibility as their most significant challenge. This obstacle outweighs concerns regarding funding, which was cited by only 12 per cent of those surveyed.

For Nigerian entrepreneurs, the difficulty of finding paying customers is compounded by high operating costs, including electricity, logistics, and data expenses. Experts suggest that successful growth for these enterprises depends on moving away from broad marketing toward highly targeted strategies. Rather than attempting to appeal to a general audience, businesses are encouraged to focus on specific niches to build trust and convert interest into repeatable sales.