This study collected survey data from 20 industrial Small and Medium enterprises located in different part of Lagos state to analyze the vital influential factors affecting their adoption of Information and Communication Technology from adopter and non-adopter perspectives. A logistic regression analysis was conducted to predict the adoption inhibiting factors by the measures of Cost; Business Size; availability of ICT Infrastructure; Government support; and Management support. The results indicate that Cost is a major barrier for Small and Medium enterprises in adopting ICT. Other critical determinants also include availability of ICT infrastructure; government support; Management support and business size in that order.