City, State/Country – Small and medium enterprises (SMEs) na dem wey dey hold ground for most economies, represent wetin? Around 90 percent of all businesses! Dem dey make more than half of global employment. No be joke o! For country wey dey develop, SMEs dey very important for economic diversification, productivity, and dem dey help tackle poverty. But, abeg, make we talk true—dem dey face serious wahala to collect finance wey dem need to start, maintain and grow their businesses.
As we dey shine our eyes, we sabi say about 1.2 billion youths go jam working age within next ten years, but only about 420 million jobs go dey available. Na wetin remain? Plenty people go dey waka up and down without job, and e fit lead to serious social and economic problems. So, the matter wey dey pain person be say, if we fit make finance reach SMEs, we go sabi enable private investment, increase productivity, and build stronger local economies. No be say na only money we dey talk about, but opportunity too dey shine for people.
Women, for case wey almost dey too sweet, dey reinvest their earnings into their families and the economy. This one na serious multiplier effect wey dey push communities forward. So, if we support SMEs, especially those wey dey led by women and youths, we dey set ourselves up for inclusive and sustainable growth. No be small thing o!
The gap wey SMEs dey face to get finance na one of the greatest barriers to their growth. According to the latest report wey come from IFC and World Bank, na about US$5.7 trillion na im be the estimated finance gap for 119 emerging markets and developing economies. dat one na serious wahala! This gap dey represent around 19 percent of GDP and 20 percent of total private sector credit.
For the palava, 40 percent of formal MSMEs dey credit-constrained, and na 19 percent fully constrained and 21 percent partially constrained. Wetin you go see? Women-owned MSMEs dey face a gap of about US$1.9 trillion, or 34 percent of total access. E no too sweet! And informal enterprises dey create extra US$2.1 trillion wey dey show unmet demand for finance.
From 2015 to 2019, the MSME finance gap don dey grow by more than 6 percent annually, even as supply of credit dey increase by just 7 percent. We just dey wait for the new global estimates for 2023, e go land before November 2025. Patience na virtue o!
World Bank dey focus on how to expand access to finance for SMEs and dey find innovative ways to unlock sources of capital. The plan dey simple: expand SME finance wey go encourage investment, innovation, and growth, especially for underserved segments like women-owned and youth-led enterprises. Na e dey run some reforms, help strengthen financial sectors, and create conditions wey go make SMEs expand as dem supos.
The World Bank dey try to mobilize private capital too—na im wey mean say dem dey leverage public sector resources and development finance to attract commercial lending into the SME sector. Dem dey help design effective financial interventions wey go crowd in private funding. Na only when we improve the environment and shape better policies, we go see real growth.
Technology no go dey left behind; e dey play big role to expand digital infrastructure and enable alternative financial products like crowdfunding and peer-to-peer lending. This innovation dey change how SMEs fit access capital quicker and cheaper, wey dey improve transparency, efficiency, and credit risk management. Na wetin World Bank dey work on with government wey go help SMEs thrive, combining financial reforms with innovation-driven solutions.
Access Bank too don join for this matter, dey invite applications for their 2025 Entry Level Training Program. This program na big chance for young Nigerians to enter the banking sector. Na only candidates wey get minimum Second-Class Upper Division (2:1) degree go fit apply. Skills wey dem go learn dey help shape the future of the banking industry.
For the long and short of all this gist, we need make SMEs fit access finance fast-fast, if not, who go fit grow small businesses go fit provide the jobs we need? Na now or never o!
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