Ehingbeti summit: Lender pledges funding for SMEs

First Bank of Nigeria and other private sector firms have pledged to support the Small and Mediumscale Enterprises (SMEs) as it is critical in sustaining economic growth.

Speaking on Tuesday at a panel discussion at the ongoing 2021 Ehingbeti Lagos Economic Summit, the CEO, Adesola Adeduntan, said: “If there is anything that is generally agreed, it is that the path to growth of the Nigerian economy is by developing and growing the SMEs sector.”

He said supporting SMEs will boost economic activities, and accelerate the growth of the economy to exceed population growth so that on a net basis, Nigeria will have a positive economic growth.

Responding to questions on how the bank is aiding access to SME financing, he said: “We have been very active in providing whether it is overdraft, loans and all types of structured debt instruments to our SME customers.

“But more importantly, the CBN as part of its economic stimulant plan, has put a scheme in place that supports banks and it has also provided more liquidity to banks to support lending to the SMEs sector and we have been very active in that sector,” he said.

The Chief Executive officer of Sterling Bank, Abubakar Suleiman said: “I can’t think of a better justification for anyone to borrow than to develop our human resources. When we borrow, we are leveraging the future economy. We should ensure some of that is invested in preparing the generation that will repay the debts.

“Money budgeted for health and education is not an operating expense but an investment in our future, let’s elevate it.”