How to unlock Nigeria’s SME value chain – Stanbic IBTC Bank

Unlocking the full potential for the development of Nigeria’s Small and Medium Scale Enterprises (SMEs) segment will depend on the ability to deploy the most effective combination of strategy, resources, planning and diligent execution, experts have said.
This was the key takeout from the Stanbic IBTC Bank 2016 SME capacity building sessions which took place in eight cities across the country recently (9/10, 2016).
The series was designed to contribute to the development of relevant expertise and priorities that would help SMEs flourish, enabling them to play their catalytic role in economic growth. One of the biggest causes of small business failure is lack of sound financial management, stated Mr. Eziukwu Princewill, Development Finance Strategist at Visionaries Nigeria Limited, who facilitated at the Abuja session.
He said that “to stay in business, there should be vast and keen knowledge of the environmental indices and how they can affect the growth and sustainability of the business.” He spoke against the backdrop of the current state of the Nigerian economy.
Head, Business Banking, Stanbic IBTC Bank, Anya Duroha, said the SME sector is pivotal to the economic growth and development of any nation and Nigeria is no exception, especially as the government attempts to diversify the economy in the aftermath of declining revenue from oil due to plummeting prices.
He said the series was conceived two years ago to expose SME operators to modern and innovative marketing, financial and management skills that are useful to their business operations and which would help them to attract the necessary funding for growth.