Nigerian Economic Summit Calls for Better MSME Financing

During a panel discussion at the 32nd Nigerian Economic Summit in Abuja, stakeholders emphasized the need for reforms to improve access to finance for micro, small, and medium enterprises (MSMEs). Senator John Owan Enoh, the Minister of State for Industry, Trade and Investment, highlighted that the informal nature of many small businesses hinders their ability to access financing.

He noted that some enterprises struggle with documentation requirements for intervention funds, including the N5 billion MSME component of the N200 billion intervention fund. Enoh urged measures to encourage business registration and formalization, as well as stronger capacity-building initiatives.

He also mentioned the Federal Government's efforts to connect MSMEs with larger manufacturers. Olusegun Alebiosu, Managing Director and CEO of FirstBank, represented by Akinsope Roberts, stated that improving MSME access to finance requires a coordinated approach among financial institutions and government.

He noted that FirstCredit had disbursed over N1 trillion since its launch. Khalil Nur Khalil, Economic Adviser to the Katsina State Governor, stressed the importance of reliable data and public-private partnerships for MSME development.