This article examines how operators of Micro, Small and Medium Enterprises (MSMEs) in the Lagos, Nigeria perceives the impact of the ease of doing business reforms, as crafted by the Presidential Enabling Business Environment Council (PEBEC) on their businesses. This article utilises the survey approach and the hierarchical linear modelling technique for analysis. Measures of ease of doing business topics used in this study include starting a business, getting credit, getting electricity and registering property. Others are, tax payment, entry and exit of people and construction permits. These components of ease of doing business reforms were analysed from the perception of the MSME operators, with a view to determining the factors to be considered by government for improving the business regulatory environment. Results revealed that whilst operators are confident that the reforms have impacted revenue growth and cost reduction, particularly through getting credit, getting electricity and registering property, the same could not be said for employment generation. From these findings the authors suggest that whilst government may yet find plenty of room to operate in to improve the modalities for starting businesses, tax payment, movement of business persons into and out of the country, and processing of construction permits, MSME operators, just as much as government, still have their bit to do by ensuring that as businesses are empowered, they become more socio-economically responsible