SMEs Essential for Nigeria's Economic Growth, Says FirstBank MD

During the Q2 SMEConnect webinar organized by FirstBank Nigeria Limited, Managing Director Olusegun Alebiosu and former Finance Minister Kemi Adeosun discussed the importance of small and medium-sized enterprises (SMEs) in Nigeria's economic growth. Adeosun highlighted that SMEs account for 96% of businesses in Nigeria, employing 84% of the workforce and contributing 48% to the country's economic output.

She stressed the need for policymakers and financial institutions to focus on supporting SMEs, which she described as the backbone of Nigeria's economy. Adeosun pointed out that many aspiring entrepreneurs mistakenly believe that access to funding alone guarantees success, emphasizing the importance of developing viable business models.

Alebiosu reiterated FirstBank's commitment to empowering SMEs, stating that the bank aims to connect and support these enterprises to ensure their growth and competitiveness in the long term.