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By Paul Uche
In a recent episode of Hard Facts with Maryann Duke-Okon on Nigeria Info, renowned entrepreneur and innovator Bidemi Oke shared valuable insights on the challenges and opportunities facing small and medium-scale enterprises (SMEs) in Nigeria. As founder of the financial services company, FlashChange, Oke provided a candid look into his entrepreneurial journey, emphasising the importance of starting small, building trust and embracing technological innovation.
Oke attributed his entrepreneurial drive to the strong business sense of his parents. He recounted launching his first business in 2016 with ₦70,000, a gift from his older brother. Over the years, he has explored several incorporated businesses. This is a significant achievement, considering that fewer than five percent of SMEs in Nigeria survive beyond ten years.
A central theme of the discussion was the importance of trust. Oke emphasised that building trust with clients is essential for long-term success, particularly in business-to-business relationships, where reliability and value delivery are paramount. He explained that open communication about operational challenges and service limitations fosters loyalty and enhances credibility.
Speaking on the persistent issue of financing, Oke noted that access to funds remains a major barrier for Nigerian SMEs. He encouraged business owners to explore alternative funding options beyond traditional bank loans, such as supplier credit and wage deferment, to maintain cash flow during difficult periods. He also shared his contribution to Nigeria’s COVID-19 response through the development of the TS Module, a mobile positive-pressure sample collection booth adapted from South Korean technology. Designed to suit local conditions, the booth could process up to 250 samples daily, reducing dependence on single-use PPE and improving testing efficiency.
On the state of Nigeria’s technology sector, Oke criticised the concentration of innovation in a few urban centres and called for more equitable development of technological skills across the country. He advocated for curriculum reforms to better align with industry needs and urged entrepreneurs to incorporate technological design into small-scale production to improve product quality and competitiveness.
Oke argued that Nigeria’s future prosperity depends on building national self-worth and integrating technology into existing enterprises. He recommended that government policies focus on creating an enabling environment without unnecessary interference and encouraged citizens to support locally made products to drive economic growth.
In recognition of his leadership and impact, Bidemi Oke was named among Elite Africa Business’s “40 Under 40,” highlighting him as one of the continent’s most ambitious young CEOs shaping Africa’s business landscape.
This episode of Hard Facts offered a clear and compelling perspective on the SME landscape in Nigeria, showing the resilience, creativity and strategic thinking needed to build sustainable businesses in today’s challenging economic environment.
