Tony Elumelu Advocates for Increased Credit Access to Boost SME Growth

Tony Elumelu, Chairman of UBA Group, emphasized the need for increased credit access to enhance Small and Medium Enterprises (SMEs) growth. Speaking at the 49th Governing Council meeting of the International Fund for Agricultural Development (IFAD) in Rome, Elumelu discussed the challenges entrepreneurs face in obtaining loans from commercial banks due to strict compliance rules.

He noted that commercial banks often face limitations in assuming risks, especially when financing SMEs. Elumelu highlighted the constraints faced by SMEs in accessing funds from banks within the current regulatory framework.

He also mentioned the establishment of the Tony Elumelu Foundation, providing non-refundable seed capital to entrepreneurs. Elumelu called on the government to create an enabling environment for small businesses beyond just financial access, emphasizing the importance of broader policy reforms and infrastructure support to drive entrepreneurial growth and job creation in Nigeria.