First Bank of Nigeria has partnered with Kemi Adeosun, the nation’s former Minister of Finance, to provide small and medium-sized enterprises (SMEs) with the critical skills and strategies required to secure business financing. Speaking at the bank’s Q2 2026 SMEConnect webinar, Adeosun pointed out that since 84% of the Nigerian workforce relies on SMEs and the sector drives 48% of the country’s GDP, prioritizing small businesses is mandatory for national economic growth. She advised entrepreneurs to rigorously test their business models before making major capital investments, adding that sustainable enterprise requires constant evolution and strong market information.
The virtual event, themed “Funding Your Growth: How SMEs Can Access Finance and Scale Faster,” is part of First Bank’s ongoing capacity-building initiatives. First Bank Managing Director Olusegun Alebiosu noted that the platform is engineered to give business owners practical tools to scale up in a competitive market. Addressing the persistent barriers to commercial credit, Afoluwake Dahunsi, First Bank’s Head of Credit Analysis and Processing, noted that a lack of structured business accounts, weak repayment capacities, absent credit histories, and missing business plans remain the primary reasons small enterprises face loan rejections.
