By Cynthia Alo
Financial experts have called for inclusive financing and stronger collaboration among government, banks, and private sector players to enable Nigeria’s Micro, Small and Medium Enterprises (MSMEs) to effectively contribute to national economic growth.
They made this call at the Manufacturing Business Accelerator (MBA) Cohort 2 Graduation and Business Showers held in Lagos, themed “Innovation, Inclusion, Impact: Redefining MSMEs in Nigeria’s Economy.”
In her keynote address, Group Head, Retail and SME Banking at NOVA Bank, Mrs. Esther Obiekwe, described MSMEs as the heartbeat of Nigeria’s economy, contributing to innovation and job creation across all sectors.
“Nigeria’s Micro, Small and Medium Enterprises represent over 90% of businesses, 80% of employment, and nearly half of our GDP. From roadside tailors to small manufacturers, from tech start-ups in Yaba to agro-processors in Kano — MSMEs are the lifeblood of our economy,” she said.
Obiekwe identified poor access to finance, weak infrastructure, and regulatory bottlenecks as major challenges, urging the government and financial institutions to build an enabling environment for inclusive growth. She added that NOVA Bank is supporting MSMEs through digital platforms, simplified onboarding, and tailored advisory services to help entrepreneurs grow “smarter, not just bigger.”
“Inclusion is the bridge between potential and participation,” she said. “Women, youth, and informal-sector entrepreneurs represent untapped energy. When we include them, we expand national productivity.”
Convener of the MBA programme, Mrs. Desola Jimmy-Eboma, said the initiative, through the Small Scale Enterprise Lab (SSE Lab), helps entrepreneurs move “from hustle to structure” by offering mentorship and practical frameworks.
Director-General of Small and Medium Enterprises Development Agency, SMEDAN, Mr. Charles Odi, represented by Mr. Bunmi Kola-Dawodu, commended the initiative, saying more programmes like it are vital to boost MSME growth and job creation in Nigeria.
The post Nigeria’s MSMEs need inclusive financing, stronger partnerships to thrive — experts appeared first on Vanguard News.
