FirstBank and UNILAG Promote Business Ethics and SME Support

FirstBank Nigeria Limited and the University of Lagos (UNILAG) have reinforced their commitment to promoting academic research, ethical leadership, and support for small and medium-sized enterprises (SMEs) in Nigeria. This partnership was highlighted during the FirstBank Samuel Asabia Professorial Chair in Business Ethics Public Lecture at the George Ade Ajayi Auditorium, UNILAG.

Group Managing Director and CEO of FirstBank, Olusegun Alebiosu, discussed the informal sector's contribution of approximately 42.5% to Nigeria's Gross Domestic Product. Representing UNILAG's Vice Chancellor, Deputy Vice Chancellor Prof. Mathew Ilori praised FirstBank's endowment initiative.

Prof. Kenneth Amaeshi, the Chair in Business Ethics at UNILAG, called for greater recognition of the informal sector, which he described as crucial for job creation and economic growth. He pointed out that large corporations, despite their visibility, employ significantly fewer people compared to micro-enterprises, which dominate the economy.

Amaeshi noted the need for supportive measures for the informal economy to enhance access to finance and technical assistance.