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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to advancing economic reforms that protect small and medium-sized enterprises (SMEs) and enhance national productivity, according to Governor Olayemi Cardoso.
Speaking during the CBN Special Day at the 36th Enugu International Trade Fair, Cardoso—represented by Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali—emphasized the apex bank’s focus on creating a resilient economic environment that promotes sustainable development and financial inclusion.
“SMEs are the engine of economic growth and a vital component of Nigeria’s economic transformation. The CBN remains committed to implementing policies that insulate these enterprises from external shocks and support their long-term viability,” Cardoso stated.
Themed “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement and Global Recognition,” the trade fair provided a platform to reinforce the central bank’s ongoing efforts to stimulate productivity through targeted economic interventions and compliance-friendly financial frameworks.
Cardoso noted that the current leadership of the CBN is implementing structural reforms to tackle longstanding economic challenges. These reforms are designed to strengthen Nigeria’s domestic industries, ensuring they are better positioned to withstand global economic pressures.
“At the core of our strategy is a sound financial system—one that supports regulatory compliance, risk mitigation, and robust enterprise growth,” he added.
Through a blend of regulatory innovation and smart policy design, the CBN is aligning its initiatives with broader goals of compliance automation, financial crime prevention, and governance, risk, and compliance (GRC) within Nigeria’s business ecosystem.
The apex bank’s continued focus on SMEs reflects its understanding of their role in job creation, innovation, and economic diversification. As part of its mandate, the CBN is also working to improve access to finance for small businesses through inclusive policies, regulatory risk management strategies, and supportive lending environments.
As Nigeria pushes to advance its industrial base and achieve global recognition for its entrepreneurial ecosystem, the CBN’s strategic interventions remain critical to creating a stable and inclusive financial environment.
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