Di Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, and former Minister of Finance, Kemi Adeosun, don call on policymakers, financial institutions, and entrepreneurs to focus on scaling small and medium-sized enterprises, wey dem describe as di backbone of Nigeria economy and di best way to create jobs and grow di economy.
Dem tok dis tins during di Q2 SMEConnect Webinar wey FirstBank organise, with di theme “Funding Your Growth: How SMEs Can Access Finance and Scale Faster.” Di event bin happun on Tuesday.
Adeosun, wey be Convener of DashMe Foundation and NIDACITY, deliver di keynote address. She yarn say any discussion about growing Nigeria economy must centre on strengthening SMEs, because dem account for di majority of businesses and jobs for di kontri.
“SMEs na Nigeria economy, and Nigeria na economy wey dey made up of SMEs,” she tok. “If we want to grow di economy, and I know plenty people dey yarn about di economy, we need to grow di economy. Actually, wetin we dey yarn na say we need to grow SMEs.”
According to her, SMEs account for 96 per cent of businesses for Nigeria, employ 84 per cent of di workforce, and contribute 48 per cent of di kontri economic output. “Most people wey dey earn salary dey get am from SME,” she add, “so you fit see clearly say if government, state governors, anybody wey want grow jobs for Nigeria, dem must focus on SMEs.”
Adeosun note say Nigeria business landscape don change well well from di time wey big multinational firms dey dominate industrial activity. She identify side hustlers, existing SMEs, and future entrepreneurs as critical segments wey need targeted support from banks and policymakers.
“Di side hustle na big part of our economy,” she tok. “Plenty of our big entrepreneurs start as side hustlers. How we go pick out these people as financiers? How we go spot dem and design products wey go work for dem?”
Adeosun stress say aspiring entrepreneurs should focus less on raising capital and more on developing viable business models. “Plenty entrepreneurs dey focus too much on how to get money,” she yarn. “No start business dey think about money. Start business dey think about idea and business model.” She warn say access to funding alone no guarantee success, and she recount story of poultry farmer wey spend heavily to paint poultry houses but later lack money to buy feed.
Di former finance minister also emphasise say investors and lenders dey finance businesses, not ideas.
For im own side, FirstBank MD Olusegun Alebiosu reiterate di institution commitment to connect with SMEs, wey im describe as di backbone of di economy. “At First Bank, everything we dey do now na to see how we go double down on SMEs, and connecting with di SMEs na one of di best tins wey fit happun at dis time because SME dey control di economy. If we no double down on di SMEs as an institution, we go miss am,” Alebiosu tok.
Di Head of SME Banking at FirstBank, Helen Willie, yarn say FirstBank goal through SMEConnect na “to empower business, not just to survive, but to grow, stay, and remain competitive over di long term.”
