FirstBank of Nigeria and former Minister of Finance, Kemi Adeosun, have partnered to equip Small and Medium Enterprises (SMEs) with the knowledge and tools needed to access finance and grow their businesses.
The collaboration was highlighted during FirstBank’s Q2 2026 SMEConnect webinar, where stakeholders emphasised the critical role of SMEs in driving economic growth and job creation.
Speaking at the event, Adeosun said Nigeria must prioritise the development of SMEs to achieve sustainable economic growth.
According to her, SMEs account for 84 per cent of Nigeria’s workforce and contribute about 48 per cent to the country’s Gross Domestic Product (GDP).
“If we want to grow the economy, we must grow SMEs. We must strengthen our SME sector,” she said.
She added that expanding the SME sector remains one of the most effective ways for government to create employment opportunities.
“If the government wants to increase job opportunities, it has to focus on SME growth,” Adeosun stated.
She advised entrepreneurs seeking funding to begin with well-defined business ideas supported by practical business plans.
According to her, the best way to attract investors and financiers is to validate business ideas before making major financial commitments.
“Ideas are never enough; they must come with a business model. Entrepreneurs must also understand that enterprise is never static but evolving,” she said.
Adeosun also urged business owners to continuously improve their entrepreneurial skills, stressing that success requires more than innovation.
“Entrepreneurs must equip themselves as business owners because business is tough. Skills and ideas are not enough; information is also very vital for SMEs,” she added.
Earlier, the Managing Director of First Bank of Nigeria, Olusegun Alebiosu, said the SMEConnect webinar forms part of the bank’s commitment to supporting small businesses through capacity-building initiatives.
He explained that the programme is designed to equip entrepreneurs with the knowledge, tools and resources required to succeed in an increasingly competitive business environment.
“This quarter’s edition, themed ‘Funding Your Growth: How SMEs Can Access Finance and Scale Faster,’ will deliver actionable insights on securing funding, leveraging digital solutions, and overcoming operational hurdles,” Alebiosu said.
Also speaking, the Head of Credit Analysis and Processing at First Bank of Nigeria, Afoluwake Dahunsi, identified several factors limiting SMEs’ access to finance.
She listed poor credit history, lack of viable business plans and inadequate financial record-keeping among the major challenges confronting small businesses.
Dahunsi added that weak loan repayment capacity remains one of the biggest barriers preventing many SMEs from accessing financing needed for expansion.
