Experts Call for Inclusive Financing to Unlock MSME Potential in Nigeria

At the Manufacturing Business Accelerator (MBA) Cohort 2 Graduation and Business Showers in Lagos, financial leaders and entrepreneurs gathered under the theme “Innovation, Inclusion, Impact: Redefining MSMEs in Nigeria’s Economy” to explore how small businesses can drive national growth.

Mrs. Esther Obiekwe, Group Head of Retail and SME Banking at NOVA Bank, described MSMEs as the backbone of Nigeria’s economy—accounting for over 90% of businesses, 80% of employment, and nearly half of GDP. She highlighted persistent challenges such as limited access to finance, poor infrastructure, and regulatory hurdles, calling for a more inclusive and supportive ecosystem.

Obiekwe shared how NOVA Bank is helping MSMEs thrive through digital tools, simplified onboarding, and personalized advisory services. “Inclusion bridges the gap between potential and participation,” she said, stressing the need to empower women, youth, and informal entrepreneurs.

Mrs. Desola Jimmy-Eboma, convener of the MBA programme, explained that the Small Scale Enterprise Lab (SSE Lab) equips entrepreneurs with mentorship and practical frameworks to transition from informal hustle to structured growth.

Representing SMEDAN, Mr. Bunmi Kola-Dawodu praised the initiative and called for more programs that nurture MSMEs and fuel job creation across Nigeria.