Stakeholders urge stronger collaboration for MSME growth in Nigeria

Stakeholders in Nigeria's Micro, Small, and Medium Enterprises (MSMEs) sector have emphasized the need for stronger collaboration between government agencies, financial institutions, and the private sector to unlock the full growth potential of these businesses. They argue that access to finance, while crucial, is not the sole determinant of sustainable business success.

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At LAPO Microfinance Bank, we recognise that access to finance alone is not enough. Entrepreneurs need the right knowledge, skills, networks and opportunities to build resilient businesses.

During the maiden LAPO SME Connect 1.0 event, organized by LAPO Microfinance Bank in partnership with the Association of Small Business Owners of Nigeria (ASBON) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), participants highlighted that entrepreneurs require a holistic support system. Cynthia Ikponmwosa, Managing Director and CEO of LAPO Microfinance Bank, stated that beyond funding, entrepreneurs need the right knowledge, skills, networks, and opportunities to build resilient businesses. She noted that initiatives like SME Connect are designed to provide such empowering platforms.

Dr. Olufemi Egbesola, National President of ASBON, echoed these sentiments, calling for robust partnerships to create an enabling environment for small businesses. This includes supportive policies, improved access to finance, and effective enterprise development programs. The collaboration, he stressed, is vital for fostering an ecosystem where MSMEs can flourish.

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Through initiatives like SME Connect, we are creating platforms that empower MSMEs to thrive, create jobs and contribute meaningfully to Nigeria’s economic development.

Representing SMEDAN, Tosin Abajo underscored the critical role of collaboration in enterprise growth. Abajo pointed out that alongside financial access, entrepreneurs need business development support, formalization assistance, digital skills training, market access, and continuous capacity building. SMEDAN remains committed to working with stakeholders to ensure MSMEs can grow, innovate, and contribute significantly to Nigeria's national development.

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At SMEDAN, we remain committed to working with stakeholders to create an enabling environment where MSMEs can grow, innovate and contribute meaningfully to national development.