Access to Capital Key for Nigeria's SME Growth

Dr. Idri Olugbesan, the Managing Director of Regent Microfinance Bank, stated that the next phase of growth for small and medium enterprises (SMEs) in Nigeria will largely depend on three critical factors: access to capital, trust within the financial ecosystem, and the strategic use of technology. During a media interaction, he discussed the evolving landscape of small businesses in Nigeria and the role of financial institutions in supporting sustainable enterprise growth.

He noted that SMEs are the backbone of Nigeria's economy, significantly contributing to employment and economic activity, yet they struggle with limited access to funding and financial tools necessary for scaling operations. Olugbesan highlighted that a lack of proper financial documentation often makes it difficult for SMEs to secure funds from traditional banking systems.

He emphasized the need for financial products designed to reflect the realities of small business operations, making it easier for entrepreneurs to grow and contribute meaningfully to the economy.