FirstBank Deepens SME Support To Drive Long-term Economic Growth

First Bank of Nigeria Limited has reaffirmed its commitment to strengthening small and medium-scale enterprises (SMEs) as a critical driver of economic growth, resilience and long-term competitiveness, as part of efforts to support sustainable business expansion across the country.

The bank reiterated this commitment during its June webinar for small and micro enterprises, designed to equip business owners with practical insights and strategies for sustainable growth.

Speaking at the webinar, the managing director and chief executive officer of First Bank of Nigeria Limited, Olusegun Alebiosu, said the lender was intensifying its engagement with SMEs, describing the sector as central to economic activity, innovation and job creation.

According to him, deepening support for SMEs has become imperative, as small businesses remain the backbone of the Nigerian economy; inadequate support for the segment could undermine broader economic growth prospects.

Alebiosu stressed that FirstBank remains committed to providing the necessary platforms and resources to enable entrepreneurs to build resilient, competitive businesses that contribute meaningfully to national development.

Delivering the keynote address, former minister of Finance and Convener of DashMe Foundation, Kemi Adeosun, highlighted the dominant role of SMEs in Nigeria’s economic structure, arguing that sustainable national growth can only be achieved through continuous investment in small business development.

She observed that the economy has evolved from an era dominated by large-scale industries to one increasingly shaped by niche-driven entrepreneurship, where SMEs now play a pivotal role in driving employment generation and innovation.

Adeosun urged entrepreneurs to place greater emphasis on building viable, sustainable business models rather than solely on raising capital, stressing that investors and financial institutions support well-structured businesses over ideas alone.

She further advised business owners to strengthen record-keeping practices, understand their profit margins, manage cash flow efficiently and separate personal finances from business operations to enhance resilience and improve access to funding.

Also speaking during the session, head of SME Banking at FirstBank, Helen Willie, said the initiative was designed to go beyond a conventional learning platform by serving as a catalyst for business growth through the provision of practical guidance, industry insights and direct access to experts tailored to the realities of the Nigerian business environment.

According to her, the programme aims to build clarity, confidence and capacity among entrepreneurs, enabling them to access finance and position their enterprises for long-term sustainability.

Willie noted that while access to finance remains essential to enterprise development, many promising businesses fail to scale due to weak foundations and inadequate preparation for growth.

She explained that the webinar aligns with FirstBank’s broader objective of strengthening SME resilience and laying a solid foundation for the next generation of businesses.

“At FirstBank, we remain committed not only to helping businesses survive but also to empowering them to expand, scale and remain competitive over the long term,” she said.