FirstBank has reinforced its position as a major driver of small-business growth in Nigeria, announcing that it provided more than ₦200 billion in financing to Micro, Small, and Medium Enterprises (MSMEs) in 2024. The disclosure was made by the bank’s Head of SME Banking, Abiodun Famuyiwa, during the 2025 National MSMEs Conference hosted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Lagos.
Famuyiwa explained that the bank’s significant lending push was motivated by the urgent need to close Nigeria’s persistent MSME funding gap.
“Access to finance remains one of the biggest obstacles facing small businesses. They need capital to keep their operations running, and this is where FirstBank has remained consistently supportive,” he said.
The conference, themed “Grow Nigeria: Building a Future of Innovation, Resilience and Prosperity,” examined key issues across business development, finance, technology, and the creative economy.
Providing further insight, Famuyiwa noted that FirstBank disbursed roughly ₦100 billion to businesses across various market segments in 2024, while petty traders received around ₦70 billion. Additional lending to other sectors pushed the bank’s total MSME support above ₦200 billion within the year.
Describing the achievement as a major milestone, he emphasised that many of the loans were offered without collateral.
“We assess how these entrepreneurs operate and determine a comfortable loan level for each business. The goal is to support them responsibly, not to expose them to unnecessary risk,” he explained.
Famuyiwa added that the bank carefully evaluates the risk capacity of each enterprise and tracks how funds are used to ensure borrowers do not exceed their financial limits.
“We don’t want to give SMEs money that becomes a burden. Our approach is to understand their operations, guide lending decisions, and monitor utilisation,” he said.
Beyond financing, FirstBank continues to support enterprise development through capacity-building initiatives such as webinars and seminars focused on business expansion, financial management, and operational efficiency.
“Scaling a business requires more than access to funds,” he noted. “Once financing is provided, entrepreneurs must know how to deploy it effectively to drive growth. That’s why we also invest in training and advisory programmes that help SMEs build sustainable operations.”
Through its combined efforts in financing and business mentorship, FirstBank aims to elevate thousands of MSMEs, strengthen value chains, and contribute to national economic resilience.
