First Bank of Nigeria and Nigeria’s former Minister of Finance, Kemi Adeosun, have partnered to equip Small and Medium Enterprises with the requisite tools and skills needed to access finance opportunities for their businesses.
Speaking during First Bank’s Q2 2026 SMEConnect webinar, Adeosun stressed the need for SMEs to be prioritised in order to achieve economic development.
According to her, 84 per cent of Nigeria’s workforce depends on SMEs for their livelihood, stressing that the sector contributes 48 per cent to the Gross Domestic Product of the nation’s economy.
She said, “If we want to grow the economy, we must grow SMEs. We must strengthen our SME sector.”
“If the government wants to increase job opportunities, it has to focus on SME growth,” she added.
Adeosun highlighted steps for SMEs seeking financial assistance to develop their businesses, stating that entrepreneurs should always start with an idea and a business plan, noting that the best way to attract funding is to test ideas before making major investments.
She noted, “Ideas are never enough; they must come with a business model. Entrepreneurs must also understand that enterprise is never static but evolving.”
“Entrepreneurs must equip themselves as business owners because business is tough. Skills and ideas are not enough; information is also very vital for SMEs.”
Earlier, the Managing Director of First Bank of Nigeria, Olusegun Alebiosu, said the SMEConnect webinar is one of the bank’s ways of delivering capacity-building value propositions to small and medium-sized enterprises, adding that it is designed to empower SMEs with the knowledge, tools, and resources needed to thrive in today’s competitive business landscape.
“This quarter’s edition, themed ‘Funding Your Growth: How SMEs Can Access Finance and Scale Faster,’ will deliver actionable insights on securing funding, leveraging digital solutions, and overcoming operational hurdles,” he said.
The Head of Credit Analysis and Processing at First Bank of Nigeria, Afoluwake Dahunsi, said some of the challenges faced by SMEs include a lack of credit history, absence of viable business plans, and failure to maintain proper business accounts.
She also noted that many SMEs struggle with loan repayment capacity, which remains one of the major challenges hindering access to finance for small businesses.