Key stakeholders from various sectors have come together to support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The collaboration aimed to address the challenges faced by MSMEs, including limited access to finance, infrastructure deficits, and lack of capacity building.
Speaking at the 5th annual MSME and Start-up Summit 2025, organised by The Economic Forum Series in collaboration with News Central TV, Deputy Managing Director of Access Bank Group, Mrs. Chizoma Okoli, emphasised the importance of inclusive financial systems for SMEs in Nigeria.
“Despite contributing significantly to the economy, SMEs face numerous challenges, including limited access to financial services and lack of collateral,” she noted.
She further noted that Nigeria’s 39 million MSMEs employ over 50% of the workforce and contribute almost half of the country’s GDP.
“However, over 65% of these businesses operate informally, without registration or credit access. The financing gap for MSMEs in Nigeria is estimated at over $168 billion. Access Bank has designed low-cost, inclusive financial products tailored to the needs of informal entrepreneurs.
“The bank’s approach focuses on, cash flow-based lending by using cash flow analysis to determine creditworthiness. Also on partnerships, we are collaborating with organizations to provide support and resources. Digital platforms, the bank is expanding access to financial services through technology and providing practical training and capacity-building programs,” she said.
Country Manager and Area Business Head, West Africa, Mastercard, Dr. Folasade Femi-Lawal, stressed the importance of empowering informal MSMEs and startups in the region.
She highlighted Mastercard’s strategic imperative to power economies and empower businesses, with a focus on building sustainable businesses where everyone prospers.
“Mastercard has committed to connecting 1 billion people to the digital economy, including 100 million MSMEs, with a focus on 50 million SMEs and 25 million female entrepreneurs. The company is ahead of schedule in achieving this goal, having already supported 37 million female entrepreneurs,” she stated.
She further emphasised the importance of digital transformation in creating inclusive growth and economic opportunity.
She highlighted Mastercard’s initiatives to provide accessible and reliable digital infrastructure, including mobile-first solutions, contactless payments, and digital identity verification.
“Mastercard has partnered with various organizations to support MSMEs, including Access Bank, African Development Bank, and ECOWAS. These partnerships aim to provide digital tools, financial literacy, and access to credit and other financial services,” Femi-Lawal added.
According to Dr. Femi-Lawal, the importance of Artificial Intelligence (AI) and data analytics in driving business growth and sustainability.
“Mastercard has developed AI tools, such as Mastercard Small Business AI, to provide real-time, personalized support to small businesses. The Mastercard Academy has launched the Entrepreneurs Odyssey, a digital education platform that provides training and resources to entrepreneurs. The platform aims to empower entrepreneurs to design, launch, manage, and grow resilient business ventures,” she said.
Dr. Femi-Lawal emphasised Mastercard’s commitment to inclusion by design, with programs designed to close gaps in gender, geography, and generational divides.
“The company’s initiatives aim to support women, youth, and rural MSMEs, providing them with access to digital tools, financial literacy, and long-term support,” she explained.
Dr. Femi-Lawal further stressed the importance of collaboration and partnership in driving inclusive growth and economic development.
“Mastercard remains committed to building a world where informal SMEs and startups have the resources to grow and participate fully in the digital economy,” she assured.
In her speech, Director-General and Chief Executive Officer of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, explained the importance of the private sector in driving economic growth and job creation.
She described the private sector as a creative force, highlighting its role in innovation and entrepreneurship.
“MSMEs face numerous challenges, including finance, capacity building, infrastructure deficits, inconsistent policy enforcement, and high costs of power,” she stressed.
Dr. Almona further stressed the importance of policy reforms in creating an enabling environment for businesses to thrive.
She highlighted the need for policy coherence, ease of doing business, and infrastructure development.
She also emphasized the importance of advocacy in shaping the policy environment and ensuring that reforms are implemented.
“The Lagos Chamber of Commerce and Industry plays a key role in advocating for the private sector, conducting evidence-based research, and engaging with policymakers.
Dr. Almona further highlighted the Chamber’s initiatives to support MSMEs, including public-private dialog platforms, partnerships with development institutions, and advocacy on critical issues such as tax reforms and trade facilitation.
Dr. Almona emphasized the importance of inclusive growth, highlighting the need for policies that support enterprise clusters, associations, innovation hubs, business parks, and Export Processing Zones.
She urged continued support for entrepreneurs and innovation, emphasizing the need for regulatory empathy and understanding of the operational realities faced by businesses.
She reiterated the LCCI’s commitment to being a bridge between business and policy, advocating for enterprise and partnering for national transformation.
For his part, Managing Director and Chief Executive Officer, of Bank of Industry (BOI), Dr. Olasupo Olusi, emphasised the importance of digital financing in promoting inclusive growth and supporting MSMEs.
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