The managing director and chief executive of Fidelity Bank, Mr Nnamdi Okonkwo, and the deputy governor of Lagos State, Dr Obafemi Hamzat, on Wednesday emphasized the need for access to finance, and infrastructure for small businesses and entrepreneurs for the growth of the economy of Nigeria.
Meanwhile, the bank said it has disbursed more than N17.9 billion to small businesses and entrepreneurs from the several intervention funds provided by the Central Bank of Nigeria (CBN), the Bank of Industry(BoI) and the Development Bank of Nigeria (DBN).
Speaking at the Fidelity Bank SME Funding Connect in Lagos, Okonkwo, Hamzat as well as the chairman of the bank, Mr Ernerst Ebi, stressed the need for government to create enabling environment to support the growth of small businesses in the country.
Ebi in his welcome remarks noted that SMEs need more than funding to thrive. According to him, government needs to put in place the necessary infrastructure that would aid growth of small businesses.
Stating that the economy of the country cannot be stimulated towards growth without SMEs, Ebi said “without an enabling environment, SMEs cannot thrive.”
SMEs, he said, provides not only employment and should not be taken lightly in the development plans of the country
On his part, deputy governor of Lagos State, Dr Olufemi Hamzat, noted that with SMEs accounting for over 86 per cent of companies worldwide, small businesses play a pivotal role in the growth and development of any nation.
Noting that SMEs create the largest number of jobs in any economy, he said “they form the structure that allows big corporates to survive.”
According to him, a lot of things can be achieved if the country can get its processes right.
“Many big ideas have died because of lack of access to finance. We need to also preach it that there is no shortcut to success and the entitlement mentality in the country must be cautioned.”
In his opening remarks, Fidelity Bank’s MD, noted that SMEs form an integral part of the development of any nation, which is why the bank had taken a position of focusing on financing the sector.
