Emefiele pledges better deal for Nigerian SMEs

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele has pledged the Bank’s readiness to increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.

Mr Emefiele made the pledge while delivering the 51st Convocation Lecture of the University of Lagos, Lagos, on Monday, 5 July 2021, noting that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.

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Speaking on the topic: “National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century,” he said special consideration should be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.

He highlighted the critical role of vibrant and growing SMEs in the growth of the economy and the creation of jobs for Nigerian youth, noting that special consideration needed to be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.

While noting that the potential of SMEs in enhancing economic growth was hampered by limited access to finance, inadequate infrastructure and poor digital penetration, Mr Emefiele enjoined the Government and the private sector to provide more support in addressing the challenges of SMEs.

He said CBN had rolled out massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs.

Emefiele also said attention had also been paid to advancing knowledge and innovation through various initiatives targeted at promoting youth’s entrepreneurship, research and development.

Emefiele, who disclosed that the CBN had also prioritized financial inclusion as a deliberate strategy to reduce the percentage of adults excluded from financial services, urged the graduating students to be part of the solution to a greater Nigeria.

“Despite the hues, cries and complaints about this country, this remains the land of indescribable opportunities, the land where finding a simple solution to a common problem can lead to unimaginable financial prosperity.”