Recently, the attention giving to Business Model Innovation (BMI) and also the amount of literature on BMI had been increased. However, controversies among scholars and business practitioners on the generic factors that drive BMI in firms mostly small businesses in developing countries are yet to be settled. Hence, this study sought to determine the key drivers of BMI in Nigeria's small businesses. Survey research design was employed, and items of instrument developed by previous researchers were adapted. The respondents of this study were Micro and small businesses owners/representatives in the study area, and data from 142 of them were subjected to Principal Component Analysis. The study employed an Orthogonal method of rotation using the Varimax approach. This study finding revealed that customer satisfaction and retention, market opportunities, regular assessment of operations, employee's capabilities, increment in revenue generation, and efficient channel functions are the key discriminating factors driving BMI in micro and small business enterprises (MSEs) in Nigeria. Thus, the study concludes that employing these attributes may influence performance-related outcomes in Nigeria MSEs.