First Bank of Nigeria and Nigeria’s former Minister of Finance, Kemi Adeosun, have partnered to equip Small and Medium Enterprises with the requisite tools and skills needed to access finance opportunities for their businesses.
Speaking during First Bank’s Q2 2026 SMEConnect webinar, Adeosun stressed the need for SMEs to be prioritised in order to achieve economic development.
According to her, 84 per cent of Nigeria’s workforce depends on SMEs for their livelihood, stressing that the sector contributes 48 per cent to the Gross Domestic Product of the nation’s economy.
She said, “If we want to grow the economy, we must grow SMEs. We must strengthen our SME sector.”
“If the government wants to increase job opportunities, it has to focus on SME growth,” she added.
Adeosun highlighted steps for SMEs seeking financial assistance to develop their businesses, stating that entrepreneurs should always start with an idea and a business plan,
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