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First Bank of Nigeria Limited has reaffirmed its commitment to small businesses, announcing plans to invest trillions of Naira in the sector by 2025. This move aims to unlock the full potential of entrepreneurs and drive economic growth.
In 2024, the bank disbursed over ₦700 billion to small and medium-sized enterprises (SMEs), demonstrating its leadership in SME financing. This was confirmed by the bank’s Managing Director, Olusegun Alebiosu, during the SME Scale Up workshop held in Lagos. The event, sponsored by First Bank and Seven-Up Bottling Company, brought together 100 SME CEOs from across Nigeria to provide them with the tools needed to expand their businesses.
The workshop focused on reducing SME failure rates, addressing unemployment, and equipping business owners with the skills, knowledge, and networks required for sustainable growth.
First Bank’s Commitment to SMEs
Alebiosu highlighted that First Bank remains Nigeria’s largest SME lender, playing a crucial role in economic development. Operating in all local government areas across the country, the bank provides essential financial support to small businesses.
“First Bank is deeply embedded in society, and we are committed to increasing SME investments to trillions of Naira by 2025 to further drive economic growth,” he stated.
Recognizing SMEs as the backbone of the economy, he emphasized their role as the largest employers and significant contributors to national prosperity. He also shared his experiences as a former branch manager, underscoring the bank’s dedication to ensuring small businesses thrive.
Expanding Access to SME Financing
Abiodun Famuyiwa, Head of SME Banking at First Bank, reinforced the bank’s commitment to supporting Nigeria’s SMEs, noting that they contribute approximately 48–49% of the country’s GDP and employ over 80–90% of the population.
He assured business owners that the upcoming multi-trillion Naira investment would have no funding limits, providing SMEs with unrestricted access to capital.
“When I say trillions, it means there’s no cap on what we can provide,” Famuyiwa said, emphasizing First Bank’s dedication to driving SME growth.
To make financing more accessible, he clarified that SMEs could secure loans without collateral, eliminating common barriers to funding.
“Our loans are non-collateralized, meaning business owners do not need land titles or financial contributions to qualify,” he explained. He further assured SMEs of competitive interest rates and targeted financial support, particularly for female-led businesses, to promote inclusivity in entrepreneurship.
Practical Insights for Scaling SMEs
The free workshop aimed at helping SMEs build capacity and overcome business growth challenges. Participants were introduced to First Bank’s suite of financial products, including liability accounts that facilitate credit access across different industries.
Ziad Maalouf, Managing Director of Seven-Up Bottling Company (SBC) Nigeria and founder of SME Scale Up, led participants through practical sessions, emphasizing the importance of mindset transformation for business success. He provided insights into overcoming “Scaleup Deficit Disorder (SDD),” equipping SMEs with strategies for sustainable growth.
The event also featured real-life success stories, including businesses that recovered from bankruptcy to achieve multimillion-Naira revenues. One participant shared how their business bounced back from financial distress to generate ₦310 million within a year.
Maalouf, drawing from his own experience of overcoming bankruptcy after 23 years, emphasized the importance of resilience, financial discipline, and strategic planning in scaling businesses.
Themed “Scale Up Your Business, Soar High,” the workshop reaffirmed First Bank’s role in empowering SMEs and fostering economic expansion.
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