Experts Urge Inclusive Financing, Stronger Collaboration to Boost Nigeria’s MSMEs

Financial and business experts have emphasized the need for inclusive financing and stronger partnerships among the government, financial institutions, and private sector stakeholders to help Nigeria’s Micro, Small and Medium Enterprises (MSMEs) thrive and drive sustainable economic growth.

They made the call during the Manufacturing Business Accelerator (MBA) Cohort 2 Graduation and Business Showers held in Lagos, themed “Innovation, Inclusion, Impact: Redefining MSMEs in Nigeria’s Economy.”

In her keynote address, Mrs. Esther Obiekwe, Group Head, Retail and SME Banking at NOVA Bank, described MSMEs as the “heartbeat of Nigeria’s economy,” highlighting their pivotal role in innovation and job creation.

“Nigeria’s Micro, Small and Medium Enterprises represent over 90% of businesses, 80% of employment, and nearly half of our GDP. From roadside tailors to small manufacturers, from tech start-ups in Yaba to agro-processors in Kano — MSMEs are the lifeblood of our economy,” Obiekwe said.

She pointed out that poor access to finance, weak infrastructure, and regulatory bottlenecks remain major obstacles to MSME growth. Obiekwe urged the government and banks to foster an enabling environment for inclusive development.

According to her, NOVA Bank supports MSMEs through digital solutions, simplified onboarding, and tailored advisory services to help entrepreneurs scale efficiently.

“Inclusion is the bridge between potential and participation,” she added. “Women, youth, and informal-sector entrepreneurs represent untapped energy. When we include them, we expand national productivity.”

The Convener of the MBA programme, Mrs. Desola Jimmy-Eboma, explained that through the Small Scale Enterprise Lab (SSE Lab), the initiative equips entrepreneurs to move “from hustle to structure” by providing mentorship and practical business frameworks.

Also speaking, Mr. Charles Odi, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) — represented by Mr. Bunmi Kola-Dawodu — commended the programme, stressing that similar initiatives are crucial for MSME growth and job creation across the country.

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