Interest rates vary across providers with intervention funds being the cheapest, while commercial and digital lenders trade speed and flexibility for higher pricing.

Most government and development finance loans sit between 5% and 9% per annum, making them the most affordable options for eligible businesses.

Commercial banks typically charge higher rates, usually above 18% annually, while microfinance and online lenders record the highest effective costs.

Below is a breakdown of some of the most MSME-friendly loan options available in Nigeria right now.

Key Considerations for MSMEs

• Government and Development Finance Loans: Facilities from the Bank of Industry (BOI) and NIRSAL Microfinance Bank offer the lowest rates. However, applicants must meet strict eligibility conditions, including business registration, sector focus and, in some cases, compulsory training.
• Commercial Bank Loans: These come with higher interest rates but usually allow larger loan sizes and faster processing, especially for existing customers with strong account history.
• Microfinance and Digital Lenders: They provide quick access and minimal collateral requirements, but interest rates are often significantly higher when calculated annually.
• State-Specific Funds:
  Schemes such as the Lagos State Employment Trust Fund (LSETF) remain among the most competitive for businesses operating within Lagos State.

The Top 10 MSME-Friendly Loans in Nigeria

1. FGN Bank of Industry (BOI) MSME Fund

This fund targets small and medium-scale enterprises across priority sectors. Interest rates range between 5% and 9% per annum, with a maximum loan size of ₦10 million per applicant.

Detailed application guidelines are available on the Bank of Industry’s official website.

2. AGSMEIS Loan (NIRSAL Microfinance Bank)

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative of the Bankers’ Committee and the Central Bank of Nigeria. Loans are disbursed through NIRSAL Microfinance Bank.

Applicants can access up to ₦10 million at 9% interest per annum, with a tenor of up to seven years and an 18-month moratorium. No physical collateral is required.

Eligible businesses span agribusiness, manufacturing, mining, ICT and the creative sector.

Eligibility Highlights:

Applicants must operate a registered business, possess a BVN and valid ID, complete mandatory EDI training, submit a viable business plan and have no outstanding loans under similar intervention schemes.

Application Process:

Applications are completed online through the NIRSAL MFB portal, following compulsory EDI training and document submission.

3. Lagos State Employment Trust Fund (LSETF)

Established under the Lagos State Employment Trust Fund Law of 2016, LSETF provides funding to Lagos-based MSMEs to support job creation and enterprise growth.

The fund offers loans at 5%–9% interest, with a maximum facility of ₦5 million, strictly for Lagos residents and businesses operating within the state.

4. UBA Micro Business Loan

UBA’s Micro Business Loan provides funding of up to ₦5 million for MSMEs across trade, services and agribusiness. Interest is typically around 0.75% monthly (approximately 9% annually).

Applicants usually need an existing UBA account and can apply via branch, mobile app or USSD channels. Repayment structures are often tailored to business cash flow.

5. Wema Bank Female Support Loan (SARA by Wema)

Wema Bank’s SARA initiative supports female-owned businesses with access to finance, training and mentorship.

Loans are offered at single-digit interest rates, generally around 9%, often without collateral. While maximum loan size varies, the scheme focuses on long-term business growth and financial inclusion for women.

6. BOI Microfinance Bank (BOIMFB)

BOIMFB provides working capital loans to MSMEs, typically priced at about 4% monthly on a reducing balance.

Facilities are short-term, usually up to 12 months, and designed for businesses with at least one year of operating history. Collateral requirements are flexible.

7. Access Bank SME Loans

Access Bank offers multiple SME loan products, including instant and sector-specific facilities.

Requirements generally include CAC registration, BVN, TIN, consistent turnover and a minimum operating history of one year. Interest rates vary by product, with personal guarantees commonly required.

8. FCMB BOI Gender Loan / SheVentures

FCMB supports women-owned businesses through its SheVentures platform and BOI-linked gender funds.

Options range from zero-interest loans up to ₦10 million (short tenor) to larger BOI-backed facilities of up to ₦300 million at 16% per annum. Mandatory training applies to most schemes.

9. Baobab Microfinance Bank SME Loans

Baobab offers tiered loan products for businesses with at least one year of operation.

Loan sizes range from ₦50,000 for mini micro loans to ₦150 million for SME facilities, with tenors extending up to 60 months. Interest rates and requirements vary by loan category.

10. Stanbic IBTC SME Short-Term / TOD Loans

Stanbic IBTC provides short-term business loans and overdraft facilities.

SMEs typically require a minimum of six months’ account history, CAC registration, financial statements and tax records.

Some instant loan products attract interest of about 4% per month, with tenors usually capped at 12 months.

It is important to note that loan terms, interest rates and eligibility requirements are subject to change. MSMEs are advised to confirm current conditions directly with the respective banks or fund administrators before applying.

Hosted concurrently on 3-4 September 2025 at the Eko Hotel Convention Centre and Landmark Centre respectively, these landmark events heralded a new era for Nigeria’s digital aspirations, firmly placing Lagos, and indeed the entire nation, on the global innovation map.

The city, a vibrant tapestry of cultures and ambitions, buzzed with an electrifying energy as over 20,000 visitors, 3,000 tech professionals, and nearly 1,000 startups converged.

It was, as described by the Lagos State Governor, Babajide Sanwo-Olu, “the commercial economic now centre of our country, the beating heart of Africa, the digital and becoming renters of our time”.

A Crucible of Unicorns and Innovation

Lagos’s meteoric rise in the tech world is undeniable. Between 2019 and 2024, the state attracted over $6 billion in direct foreign tech startup funding, accounting for more than 70% of Nigeria’s total tech inflows.

This massive investment underscores its appeal as Africa’s innovation capital and a launchpad for the continent’s future.

The city is not merely growing; it’s burgeoning, adding approximately 2,000 new residents daily, making it one of the fastest-growing cities globally.

Lagos has earned its reputation as a “factory of unicorns”. Currently, it is home to five unicorns, including Flutterwave, Interswitch,Paystack, Kuda Bank, and Opay, propelling its ecosystem valuation to approximately $15 billion – a staggering 11.6 times increase since 2017.

These companies, born from solving “real African challenges,” now compete on a global scale. The Commissioner for Innovation & Technology, Tubosun Alake, confirmed that by October 2024, 2,000 startups now call Lagos home, and in 2024 alone, Nigerian startups raised over $400 million.

Furthermore, 23 of Nigeria’s 28 fastest-growing companies, as recognised by the Financial Times, are based in Lagos. This dynamism has led to Lagos being ranked the fastest emerging technology city in the worldby deal.com earlier this year.

Dr. Bosun Tijani, the minister of Communications, Innovation, and Digital Economy, further highlighted that Nigeria’s Information and Communication Technology (ICT) sector has become the country’s fastest-growing contributor to GDP, consistently contributing between 16-18% today, up from less than 5% a decade ago.

He confidently projected this figure to reach 21-22% by 2027, already surpassing the oil and gas sector.

Dr. Dahlia Khalifa, regional director at the International Finance Corporation (IFC), described Lagos as “one of the most dynamic hubs of innovation in Africa and dare I say the world,” a place that “represents creativity, resilience and ambition and it delivers”. Indeed, the city hosts hyperscale data centres, submarine cables, and extensive fibre infrastructure.

Resilience: The Driving Force

The spirit of Lagos and its people is marked by extraordinary resilience.

Trixie LohMirmand, EVP of Dubai World Trade Centre and CEO of KAOUN International, organisers of GITEX Nigeria, noted that while startups in other economies “innovate because they want to, it’s nice to have,” here, “the startups and the SMEs are creating solutions to problems that is born out of necessity and survival”.

This “resilience DNA,” she stated, is “world class,” enabling businesses to thrive despite challenges such as power outages, currency fluctuations, and developing infrastructure.

This tenacity is deeply ingrained in Lagosians, who view problems as common denominators and opportunities for innovation.

Governor Sanwo-Olu celebrated the city’s diversity, stating, “It’s only in Lagos that you can dream as an Hausa boy. You can code in whatever language, you can pitch in yoruba and you can still understand English fluently”. This melting pot fosters a startup ecosystem now ranked among the most vibrant globally.

Investing in the Future: Youth and Government Support

The youthful population is Lagos’s greatest competitive advantage. With over 50% of Africans under the age of 25, the continent boasts one of the largest pools of digital natives worldwide.

The Lagos State Government actively nurtures this talent through initiatives like the Lagos State Science and Innovation Council (LASIC), which provides grants of up to N80 million annually for startups.

Dr. Obafemi Hamzat, the deputy governor, recounted the success of “She Mobility,” an app developed by young Nigerians to provide structured funding for car sales, which has raised nearly $100 million.

The government’s vision, as articulated by Governor Sanwo-Olu, is that “governance in the 21st century must be digital, inclusive and data-driven”.

This approach is not new; the Commissioner for Innovation & Technology highlighted that foundational work was laid years ago with the successful implementation of one of Nigeria’s first government Enterprise Resource Planning (ERP) systems using Oracle database, a feat many Fortune 500 companies failed to achieve. This demonstrated a long-standing commitment to leveraging technology for governance.

Innovations like the integrated transport payment card, designed by 27-28 year olds, now used by over 6.5 million Lagosians across rail, waterways, buses, and taxis, exemplify this commitment. Lagos, with an estimated metro population of over 22 million people, offers unmatched access to a vast and digitally engaged market. The city’s density, proximity to institutions, scale, and public sector friendliness make it easier to build businesses.

The national government, under President Bola Ahmed Tinubu, has also embraced the digital economy as a key driver of inclusive growth, ensuring technology expands opportunities and reduces inequality for all Nigerians.

The 3MTT initiative, a global programme, is preparing young people not just for Nigerian jobs, but for global opportunities.

The Lagos Pavilion: A Hub of Homegrown Innovation

During the Expo, the Lagos State Government showcased its commitment to fostering local talent and innovation at its dedicated Lagos Pavilion.

Ministries and agencies, including the Ministry of Innovation, Science & Technology, Ministry of Tourism, Arts & Culture, Ministry of Health, and others, demonstrated their latest innovations that have streamlined governance and positioned the state at the forefront in Africa.

The pavilion served as a dynamic platform for discovery, inviting all attendees to witness firsthand the possibilities of digital transformation.

Critically, the Lagos State Government also organised its own startup pitches at the pavilion, featuring young entrepreneurs presenting solutions across diverse sectors such as Fintech, Foodtech, healthcare, and education.

The government affirmed its plans to support these startups with funding, leveraging initiatives like the Lagos State Science Research and Innovation Council (LASRIC) and the Lagos State Employment Trust Fund (LSETF).

This direct engagement allowed visitors to see why Lagos is considered not just a city for today, but a launchpad for Africa’s tomorrow.

A Cultural Extravaganza

Beyond its technological prowess, Lagos leveraged GITEX Nigeria to showcase its rich cultural heritage. Attendees were treated to vibrant cultural displays, traditional music, and dance performances that filled the air with excitement. The welcome reception dinner, hosted by the Lagos State Government at the JK Randle Centre for Yoruba Culture & History, delighted guests with local cuisines like Jollof rice, suya, egusi soup, and pounded yam. Many guests, experiencing this cultural fusion for the first time, expressed eagerness to return and explore further.

As Mrs. Toke Benson-Awoyinka, commissioner for Tourism, Arts & Culture, remarked, “Lagos stands tall as a global destination blessed with a rich cultural and historic heritage, diverse traditions, a thriving art scene, an energetic nightlife and culinary experiences that capture the true essence of creativity”. This cultural fusion, coupled with the global impact of Nollywood and Afrobeat, highlights Lagos not just as a tech hub, but as Africa’s “creative fast”.

GITEX: A Bridge to Global Opportunity

The journey of GITEX to Nigeria began when Governor Sanwo-Olu, “wowed” by GITEX Africa in Marrakesh two years prior, challenged organisers to bring the international conference to Lagos. National Information Technology Development Agency (NITDA), DG Kashifu Inuwa proudly declared, “Today we are delivering on your challenge. For me, GITEX Nigeria is not just another conference. It is a declaration that Nigeria, we are ready to lead in the future economy”.

Trixie LohMirmand affirmed GITEX’s commitment to providing access to “underserved, understated but yet very auspicious and inspiring communities” like Nigeria, asserting that GITEX does not shy away from challenges.

The event, she explained, is “turning the attention of the world towards Nigeria,” offering young Nigerians invaluable exposure to international investors, benchmarking against global competitors, and mentorship opportunities that would otherwise be inaccessible.

The Deputy Governor highlighted the immense support received, noting that despite initial trepidation, 78 countries participated, making it “amazing”.

Mr. Olatunbosun Alake, the commissioner for Innovation & Technology underscored that Lagos’s pace, ambition, and innovation are actively “redefining Africa’s tech narrative,” inviting visitors to be “collaborators in Nigeria’s tech revolution”.

GITEX Nigeria 2025 stands as a testament to the nation’s bold ambition and strategic vision. As Peter Drucker, a renowned management consultant, once said, “the best way to predict the future is to create it”.

With the successful hosting of GITEX, Lagos and Nigeria are not just predicting the future; they are actively building it, demonstrating an unwavering resolve to lead Africa’s digital transformation and contribute significantly to the global economy. As Commissioner Alake concluded, “Lagos, as you well know, is ready to lead”.

The conference which is themed; ‘Marketing in the new economy: Data driven success in challenging times’ is scheduled to be held on Saturday, May 24^th, 2025 at Landmark Event Centre in Lagos with high-profile speakers and panelists.

In a statement made available to the media, the organisers of AMTEC said, “LSETF is committed to creating an enabling environment for entrepreneurs and job opportunities for Lagos residents to create wealth. They have partnered with Marketing Analytics Africa Limited for AMTEC 2025.”

LSETF was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, to tackle unemployment through job and wealth creation.

The Fund operates with an initial capital of N25 billion contributed over four years by the Lagos State Government, but has also raised additional funding from various sources including donor partners, development agencies, corporate organizations and individuals.

In a show of strong industry collaboration, brands like Colgate, Nutrify, Addmie, Indomie, Ladycare, DStv Nigeria, Dochase, Legit.ng, Cybertron, Accret Experience, among others, have joined MAA as official partners for #AMTEC2025.

These partnerships further cement the event’s credibility and impact as Africa’s leading martech and e-commerce knowledge hub.

The high-profile speakers expected to speak at the conference include Chief Executive of Advertising Regulatory Council of Nigeria (ARCON), Dr. Olalekan Fadolapo, Managing Partner at Open Squares Africa, Feyi Olubodun, Chief Marketing Officer at Sterling Bank Plc, Maurice Igugu, Colgate’s Head of Marketing, Tomisin Adetola and Head of Sponsorship and Events at First Bank, Chinwe Bode-Akinwande.

According to Victor Ojeakhena, the Co-Founder/CEO of Marketing Analytics Africa, the Africa Marketing Technology and E-commerce Conference (AMTEC) is an annual marketing event that brings together thought leaders, executives, marketing innovators, and data strategists from across Africa to explore the latest trends, tools and tactics in martech, e-commerce, data intelligence, and customer experience optimisation, all essential for thriving in today’s economic landscape.

Speaking on the importance of the conference, Ojeakhena hinted that the event has a focus on transformation, insights, and inclusion, thereby aiming to: empower brands and marketers with cutting-edge digital marketing strategies, showcase the role of data and emerging technologies in achieving scalable growth, provide a networking platform for professionals, entrepreneurs, and investors, and drive partnerships and collaborations for sustainable innovation across Africa.

AMTEC 2025 is scheduled to take place on the 24th day of May, 2025, at Landmark Events & Conference Centre, Victoria Island, Lagos, by 9:00 AM prompt.

The program was held in partnership with the Lagos Innovates Team of Lagos State Employment Trust Fund (LSETF), and technical support from Optimus AI Labs, among other professionals.   

Over the past three weeks, 15 startup founders received training and resources on incorporating AI into their businesses, along with mentorship to boost their growth. Only three earned the spotlight. 

In the keynote address, Feyisayo Alayande, the executive secretary, LSETF, represented by Adekunle Oyenekan, head, Risk Management, Monitoring and Internal Control, LSETF, asserted:

“Entrepreneurship is the ability to face a thousand rejections, and still show up the next day with the same energy.” This was a summary of what every startup in that room had faced.

GoPrudy took the top spot with its focus on “Personal Finance, Management, Simplified for Africans. Budgeting and Finance Tracking that works.”

It’s a vision that aligns across a continent where financial literacy tools usually miss the mark. The startup’s focus on practical, culturally-aware financial solutions placed it ahead of others.

InternPulse took second place with a solution targeted at the tech talent pipeline: “We help aspiring developers, product designers, and product managers gain real working experience within 8 weeks.” 

The startup’s mission is to shrink the skills gap affecting Africa’s thriving tech sector. With a focus on bootcamp graduates and giving them hands-on experience, InternPulse is standing at the heart of talent development.

VeriTalent came in third. With its AI-powered platform, it’s aiming to bolster career validation and employability tracking. Their pitch? “AI-powered Career Validation & Employability Intelligence Platform.” Data now shapes decisions, and this solution provides clarity for both employers and candidates.

The Demo Day was the capstone of the accelerator’s pilot phase,  a completion of weeks of business model refinement, mentoring, and prototype development. 

Each of the 15 startups that entered the program carried potential. But only five were able to pitch on Demo Day. We saw founders put everything on the line: their ideas, their execution, their grit.

The winners, GoPrudy, InternPulse, and VeriTalent, will receive access to the Lagos Innovates Workspace Vouchers, providing them with more time to develop their products and gain further mentorship and opportunities. 

All five startups that pitched will also receive cloud credits from Simplified IQ, an edtech software as a service for assessments

Behind each pitch was a team. Behind each win, a story. And behind each story, the belief that Africa’s next breakout startup might not come from Silicon Valley copycats—but from those who truly understand the challenges we face, and choose to build anyway.

“AI is no longer a distant person which we all acknowledge and accept, but it is now a present, a phenomenon and a future theory. It is a solution and idea that must continue to drive.”

Among them, millennial women (86%) lead the way, outpacing their male counterparts (79%).

New research from Mastercard titled ‘Empowerment for All,’ released ahead of International Women’s Day 2025, highlights the driving forces behind this wave of entrepreneurship: financial independence, personal ambition, and the ability to turn brilliant ideas into reality.

Among women business owners in Nigeria, 49% started their business to pursue a dream, while 45% wanted to bring a great idea to life—underscoring a strong sense of purpose among female entrepreneurs.

“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way. With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive,” said Selin Bahadirli, executive vice president, Services, Eastern Europe, Middle East and Africa, Mastercard.

Nigerian women are not only aspiring to start businesses but are also actively participating in side-hustles, with 87% engaged in income-generating activities outside their main job, highlighting their strong entrepreneurial drive and determination to achieve financial security and independence.

High entrepreneurial spirit across generations

• Millennial women (86%) are the most likely to consider themselves entrepreneurs, followed by Gen Z (81%) and Gen X (73%).
• 90% of Nigerian women want to start their own business and are highly motivated to build multiple income streams. Their top reasons for being:
  • Earning more money (83%)
  • Gaining financial independence (67%)
  • Creating a financial safety net (52%)
• The outlook for business growth in Nigeria is overwhelmingly positive, with 93% of business owners (men and women) expecting revenue to increase over the next five years.

Top sectors for Nigerian women entrepreneurs

Nigerian women are pursuing business opportunities across diverse industries, with the most popular being:

1. Agriculture (36%)
2. Food and drink (22%)
3. Education, including tutoring (20%)

Barriers facing women entrepreneurs

Despite this entrepreneurial drive, confidence is a major issue among Nigerian women, with 15%—more than twice the proportion of men (7%)—feeling they lack the confidence to start a business. Nigerian women also to face significant barriers to starting and sustaining their businesses, citing lack of funding (57%), lack of financial resources (56%) and the difficulty in securing startup capital (40%) as the biggest challenges.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa shared,

“Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience. With 83% of women considering entrepreneurship, the opportunity to drive inclusive economic growth is immense. However, key barriers such as access to finance, digital infrastructure, and business skills must be addressed to ensure that their potential is fully realized. By working with partners in Nigeria, we are committed to equipping women entrepreneurs with the tools, networks, and capital they need to thrive in an increasingly digital economy.”

Women entrepreneurs in Nigeria are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14% vs. 4%), while 16% feel that starting a business is simply not an option for someone like them and 35% saying they need to stay in a job to maintain financial stability, highlighting the need for greater support and inclusion.

Women also believe they lack the necessary knowledge to start a business (10%), compared to just 4% of men.

Access to critical digital infrastructure is another key barrier affecting 35% of women entrepreneurs in Nigeria.

Support needed

To overcome these barriers, Nigerian women identified key enablers that would help them thrive, including:

• More available funding options (65%) to ease financial constraints
• Better training in business skills (55%) to build expertise
• Greater access to grants and public funding schemes (47%) to accelerate growth

Women business owners in Nigeria are also more likely than men to recognize the importance of guidance in choosing the right technology (37% women vs. 29% men) and sustainable practices (35% women vs. 25% men) for their business as key factors for long-term success.

Leveraging technology for business success

Women entrepreneurs in Nigeria are leading the adoption of AI, with 80% regularly using AI in their business—nearly twice the rate of men (45%). Additionally, 82% of female entrepreneurs report significant cost and time savings from AI adoption, compared to 63% of men.

However, women are also more vulnerable to cybersecurity threats, with:

• 51% of female business owners having been targeted by fraudsters, compared to 35% of men.
• 65% of women worrying daily about cyberattacks, slightly higher than men (61%).
• More women (27%) than men (22%) having lost customers due to scams, underscoring the need for stronger cybersecurity education and protection.

Mastercard has a long-standing commitment to enabling women entrepreneurs through financial inclusion, digital solutions, and knowledge-sharing initiatives.

Since 2020, Mastercard has provided over 50 million small businesses including 37 million women entrepreneurs with support and solutions that can help them grow their businesses.

In Nigeria, Mastercard has partnered with organizations like SMEDAN, LSETF, KaiOS, and Allawee to support entrepreneurs with capacity building, access to market, access to credit and relevant business digitization tools and services.

[Featured Image Credit]

Bosun, make the remark, virtually, on Thursday 14th November, 2024, at the grand finale of Lagos State Agrinnovation Summit which took place at Marcelina House, Ikeja.

The Minister noted that innovation is a fundamental aspect of sustainable development.

“When we talk about innovation and Technology, sometimes, many people think it is just another fancy set of tools that is now trending.

“However the reality about innovation and technology is that it is the part to sustainability and development”, he said.

The minister said that the agricultural sector ranks high to President Bola Ahmed Tinubu’s administration and commended Mr. Babajide Sanwolu, the Lagos State Governor for always been at vanguard of innovations and Technology.

Agrinnovation, was the first of its kind, and bold step which organised by the Lagos State Ministry of Agriculture and Food Systems, in conjunction with the Lagos State Employment Trust Fund (LSETF), and the Eko Innovation Centre.

It was designed to foster meaningful conversations, collaboration, and groundbreaking innovations within the agricultural sector.

Some of the successful young startup agriprenuer who benefitted from the Lagos State government grant include; Farmcraft Foods limited, Rehoboth 910, Foodie world, Hommal foods, Ofadahub Nigeria limited,  Dharkag Empire limited, D-olivette Renewable Energy and Green Mall.

Others are; Dehydrator hub, Agricfood Technology limited, Corporate farmers international limited, Ultra Farms Integrated Ventures limited, Eti Farms Global limited, Hairat Ajao & Co (Fisherwoman, Happy Coffee, Ecotutu Limited, Ofadaboy Company, Leky Mills Limited.

Yellow fish limited, Ufarmy Ecoedu-Tech Solution Limited, Fauzziyah’s Honey Limited, Green Republic Limited, Price Pally Limited among others.

In his address, Mr. Babajide Sanwo-Olu, the Lagos State Governor, represented by Mr. Tayo Ayinde, his Chief of Staff, stated that the state will not stop until she achieves food security and production serving as an example to other parts of the nation and Africa.

He also said that the gesture is a symbol of what the state can achieve when it trusts the youth to lead and supports them in doing so.

His words, “We gather here with the purpose to build sustainable agriculture and food system for the next generation and to ensure that Lagos not only sustains itself but leads Nigeria and Africa towards food security and agricultural excellence.

“As a government, we understand that agriculture development depends on more than just traditional practices. It requires us to embrace technology, foster collaboration and create sustainable practices that endure.

“I want to commend particularly the creation of the Lagos Agrinnovation Club. This club is not just an initiative,  it has become a community of young agriprenuers, a hub of creativity and a platform for those who dare to reimagine agriculture.

“This year’s Agrithon saw 316 business case entries from dynamic startups, championed by young people who are driven by their vision to transform agriculture and build sustainable solutions.

The 26 finalists we honour today have not only made it through a rigorous selection process but have also shown us that the future of food in Lagos is brought. With access to mentorship, network and share of the N100 million Agrinnovation Fund, these entrepreneurs will have the resources to take their enterprise’s solutions further”.

Accordingly, the young entrepreneurs will be monitored to ensure that they use the grant well. “To our Agrithon finalists I urge you to put this funding to excellent use, as you’ve demonstrated through your impressive and innovative ideas”, he added.

Meanwhile, Dr. Obafemi Hamzat, the Lagos State deputy governor, who also was at the event said Nigeria cannot afford to be a nation of complainer without taking necessary and corresponding action for a desire change.

He also charged the beneficiaries to make the best of the grant, whilst making the opportunities known in the society.

“We cannot afford to be a nation of complainer and that is why we are very happy that we see people like you who are ready to take the advantage and opportunity of the prevailing challenges to succeed.

“But I want you to also be an evangelist, make good money but I think it is important that you tell your colleagues and many young people out there that this opportunity exists.

“The Lagos State Government will support you and do everything possible to succeed. Just like the Lagos State Commissioner for Agriculture has said “that you have not waited for everybody, this is something you actually engage yourself in, this is what you want to do and so we must encourage you. But let others also know, because think about it, how is it possible that we are having the problem of food scarcity and it will interest you that we have been having this problem for a long time.

Earlier, in her welcome address, Abisola Olusanya, the commissioner, Ministry of Agriculture and Food Systems, Lagos state, expressed her appreciation to all in attendance and especially to the jurors who worked tirelessly in the selection process of the 26 finalists.

“We would like to thank everyone for being here, especially our jurors, who worked throughout the rigorous process on the Agrithon programme, helping us with the selection process from 316 business entries to 26.

“We are here to celebrate young entrepreneurs who have not waited for the government to give them opportunities but have looked within themselves and others for inspiration.

They have made themselves and their enterprises something to be proud of and we are proud to be associated with them.

“They have shown that agriculture is indeed a pathway towards being prosperous as a nation, they have shown passion and connectivity. We are proud to celebrate them, to encourage other people to come into the state.

Also speaking at event and charging  beneficiaries of the grants was Mr Victor Afolabi, the founder of Eko Innovation Centre, according to him, it was important that entrepreneurs understand that investments should be meant for businesses and not for personal upliftment.

His words;

“It’s very important for founders to understand that you are not a celebrity, when you raise funds use it for the business that it was meant for.”

Afolabi, a serial entrepreneur, noted that it was necessary for young founders to embody discipline when it came to work, adding that this was contributing to the demise of many young start-ups in the country.

Corroborating his thoughts, Aisha Raheem, the co-founder and chief executive officer of Farmz2u, noted the importance of plan and vision.

According to her, many startups lose this vision when they become profitable at the first instance.

This was also echoed by Jummai Abalaka, founder and chief operating officer (COO) who noted that it was necessary to have a positive attitude towards work.

She said that this works hand in hand to ensure the success of enterprises in the country. They pressed on the matter of separating work from personal wants.

Also speaking at the event, was Prince SJ Samuel, the chairman of Origin Tech Group who noted that innovation was facing a lot of challenges in the Nigerian landscape.

He pointed out that the average farmer earns about two thousand dollars and takes home about 40%, with more than half of the earnings going into logistics and other expenses.

He also noted that inflation is very high in the Nigerian economy and food inflation makes up about 38% of that which serves as a major concern in the country.

The entrepreneur stated that the agricultural space contributes about 37% to the country’s GDP, although he applauded the current administration for its investment in the agricultural sector compared to the predecessors.

While giving his charge, Dr. Oluwarotimi Fashola, the special adviser to the Lagos State Governor on Agriculture and Food Systems, urged the Agrithon finalists to make good use of the opportunities provided by the state.

The event will host an array of industry leaders with the aim to explore strategies for leaders to position themselves and their organizations for future success by building a culture of envisioning, driving, and adapting to changes within their industry.

The event scheduled to hold at the Lagos Oriental Hotel in Victoria Island with the theme: “Strategic Positioning: Leadership and Competitiveness in an Era of Disruption” will feature speakers including Mr. Bright Ukwenga, CEO ScribeTribe Africa; Mr. Olaniyi Yusuf, chairman, Nigerian Economic Summit Group; Mr. Bode Agoro, Head of Service, Lagos State Government; Mrs. Odunayo Sanya, Executive Director, MTN Foundation; Mr. Niyi Adesanya, CEO, FifthGear Plus; Mr. Emmanuel Asika, Country Director, HP Nigeria; Mr. Victor Gbenga Afolabi, Founder and CEO, Eko Innovation Centre; Mrs. Adeola Azeez, Former Chairperson of WIMBIZ and founder, AACCF; and Mr. Sinari Bolade Daranijo, Board Member, LSETF and CEO, Sinbol Group.

Announcing the event, the convener, Ukwenga, said,

“The Lead the Future Conference is specially curated to empower the next generation of transformational leaders to be at the forefront of innovation, development, and social change. It will be a high-definition experience blending education, art, and technology for immersive learning, bonding, and networking.”

“The conference will be a convergence of leaders from both the private and public sectors looking to be future-ready, and our Special Guest of Honour for the occasion is His Royal Majesty Oba Abdulwasin Omogbolahan Lawal, CON (Abisogun II), Oniru of Iru Land.”

At the event, participants will benefit from a comprehensive program featuring insightful discussions by industry leaders as well as personalized mentoring, vision boarding, future mapping, and high-impact networking opportunities.

Nothing else aptly defines the consistent growth of First Bank of Nigeria Limited (FirstBank) and its consistent reinvention as the conscience of corporate Nigeria in the face of rising competition from traditional and other shadow banking brands.

Not many living Nigerians can list a single other existing Nigerian company founded in 1894, long before modern Nigeria was created.

But FirstBank has not only survived the long 13 decades during which it etched itself into the socio-economic fabric of the country and created a niche as Nigeria’s banker, but it has also pushed itself into the frontier of financial technology evolution, making an inroad into the consciousness of tech-savvy Nigerian youths and the upwardly mobile banking public.

For an organization that has stuck to Nigeria through thick and thin and enjoyed the monopoly of banking the country from the cradle, long before Africa tasted the beauty of financial system evolution, FirstBank could have been a dinosaur. That would have been easy.

But it has chosen the tougher option; challenging traditions, breaking new ground, and constantly refreshing its operational template to stay ahead of the curve.

Established in 1894 as British Bank of West Africa (BBWA) by the late Sir Alfred Lewis Jones, a shipping magnate, FirstBank has been at the forefront of Nigeria’s economic growth and development through its superior banking services and social investments across sectors – manufacturing, small and medium scale enterprise (SMEs), agriculture, oil and gas and just about every other sector that has contributed to the country’s economic discovery.

The history of FirstBank is the history of Nigeria. At some point in its history, it even served as Nigeria’s Central Bank. Today, as the undisputed leader of the country’s brick-and-mortar banking, its nearly 800 business locations across the country give it a robust presence in every local government across the nation.

Of course, in an era of ‘click’ banking, no financial institution is assessed by the strength of its physical banking network alone. Interestingly, the premier institution understands this logic, hence it has emerged as a force in continuously investing in cutting-edge financial technologies.

FirstMobile

For one, FirstMobile, its digital banking application, has also become a household name in the financial technology ecosystem.

In 2015, when the platform was still in its infancy stage, its user base was about 60,000, a number that has soared to over six million (a growth of over 10,000%) as of last year.

That has contributed immensely to its changed perception from a traditional bank to an innovative digital bank.

Today, about 85 percent of its transactions are initiated via digital platforms, according to insights provided by the bank in its public statements.

FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics.

But the platform itself is only one of the potpourri of telecommunications-driven initiatives it has taken on to get young depositors on board.

FirstOnline users have also grown from about 90,000 to over one million in less than a decade just as its USSD banking, which targets feature phone users, is even more successful with users increasing by close to 3,000 percent in the last eight years, to about 15 million.

Last year alone, its Firstmonie Agent banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks.

Some of its strategic investments in technology include the development of its smart and interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

FirstBank Smart Banking

The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC) which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the nation.

Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints. Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the Chief Executive Officer of FirstBank Group, Dr. Adesola Adeduntan, during an interview with The Guardian last year, would double in no distant future as the organization migrates aggressively to transaction-led banking. In September 2023 the bank’s non-interest income hit ₦293.0 billion, up 111.6% in comparison to September 2022 at ₦138.5 billion validating the bank’s commitment to a transaction-based era.

In addition, the number of users on the Bank’s digital channels has grown from about 600,000 users in 2015 to over 23.2 million users in 2023.

On the back of the extensive technology infrastructure overhaul FirstBank embarked on under Adeduntan’s leadership, its digital banking channels have become the most dominant delivery channel with the percentage of customer-induced transactions processed via digital channels increased from about 20% to over 90%.

FirstBank has equally been consistent in its profitability. Its Group profit before tax (PBT) has climbed steadily from 10 billion naira in 2015 to 362.24 billion naira in 2023.

For an organization that has not only created Nigeria’s banking industry but also dynamically shaped it, there is no reason the brand would not attract the best professionals.

It attracted a blend of top Nigerian bankers and became the training ground for young professionals who have contributed to its rich history of corporate leadership.

Despite this, Adeduntan who assumed office with a touch of dynamism, clearly understood the meeting point between institutional legacy and modern ‘click’ banking. In close to a decade since he first took over the reins at the Bank, he has brought this to bear, rejuvenating the rich corporate culture of the bank, competing actively in the youth space in both employment and business.

Nigerian banks have grown to become international brands, competing for businesses across Africa, (which they have dominated), Europe, Asia, and other Continents. With its United Kingdom subsidiary (which has a representative office in Paris, France) celebrating its 40th anniversary in 2022, FirstBank has led the revolution.

Other subsidiaries of Nigeria’s premier financial inclusion services provider include FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, and The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China.

Indeed, local banks have done well in recent years in opening offshore operations except that most of them are cost-centres, hence the promoters are often accused of ego-seeking and extroversion. And it is true because most of the subsidiaries’ operations have created a gaping hole in the bottom lines of the consolidated accounts of many of the institutions.

But FirstBank turned the tide. In 2022, its overseas operations contributed a combined 21.3 per cent to the group’s pre-tax profit. Adeduntan has repositioned the financial institution from purely a Nigerian company to a multinational brand with an African focus but a Nigerian nucleus.

Beyond its name, it has recorded several firsts in the industry it single-handedly created. Some firsts include – the first to be listed on the stock exchange, the first – amongst the existing banks – to adopt the use of ATM and the first Nigerian bank – and second in Africa – to reach the 10 million ATM cards-issued milestone. In addition, FirstBank is leading in AI and robotics with regards to the deployment of Humanoid Robots, in the financial services space in Nigeria. The robots are equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff. The financial institution is the first to foray into arts, food, music, and other lifestyle sponsorships as part of the brand value proposition for clients of all ages.

Speaking on the resilience of the bank at a recent function Adeduntan disclosed what he called the bank’s secret of success:

“At FirstBank, our purpose is to enable success, putting our customers and stakeholders at the heart of our business. “For the years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers. We continue to improve on our products and create new ones that suit their specific needs. The reason why we have been successful is our ability to invent and reinvent ourselves. You can only be successful like that when you make your customer the center point of all your actions. That is the secret of our success.”

The bank has demonstrated it is a responsible corporate citizen, playing a catalytic role in the economic and social development of the country. FirstBank’s sustainability/ESG focus and commitments are in three key areas: Responsible Lending, Procurement & Climate Performance; Financial Inclusion & Diversity; as well as Education, Health, and Welfare.

Customers of the financial institution remain a vital element of its business. So, the bank constantly seeks responsible ways to provide lending and investment products and services that meet the customers’ needs, while ensuring that it manages the environmental social and governance (ESG) impacts in the process thus contributing to and promoting overall sustainable growth and development. About N5 Trillion worth of transactions were screened for ESG risks in 2023.

The bank has shown its commitment to playing a key role in the transition to a global net-zero economy by decarbonising its operations and value chains, driving climate finance, and promoting climate thought leadership.

For example, its partnership with Nigeria Conservation Foundation has seen the financial giant begin 50,000 tree planting with this year 2024 set as the target year for this audacious goal.

FirstBank’s community development initiatives are anchored on its strategic Education, Health, and Welfare pillars.

In 2023 alone, FirstBank executed various projects under the Start Performing Acts of Random Kindness (SPARK) initiative with growing impacts across 8 countries, including 60 beneficiary schools with over 150,000 secondary school students, and 30,000 underprivileged people and widows; over N100,000,000 (one hundred million naira) donations covering books and infrastructure for students, food items and clothing for the underprivileged, provision of capital for small and micro businesses.

Its FutureFirst programme in partnership with Junior Achievers Nigeria (JAN) has impacted over 1,000,000 (one million) people across the regions of the country including Lagos, Port Harcourt, and Abuja with the knowledge of financial literacy and entrepreneurship.

It has also strategically driven partnerships with over 100 Charities/NGOs including LEAP Africa; International Women Society; UNGC; UN Women; and Junior Achievement Nigeria. Following the COVID-19 lockdown, FirstBank stepped in to donate cash (over 1 billion naira) and food to support the government in the fight against the pandemic.

It also provided an innovative e-learning initiative enabling the education of one million Nigerian students to drive sustainable efforts towards improving education for all.

In partnership with the Lagos State Employment Trust Fund (LSETF), it launched a N5 billion LSETF-First Edu Loan scheme to cushion the impact of the COVID-19 pandemic on low-cost private schools in Lagos State.

For 30 years, FirstBank has remained a sponsor of the annual Nigerian Economic Summit, organized by the Nigerian Economic Summit Group, a think tank group with a mandate to promote and champion the transformation of the Nigerian economy into a private sector-led economy.

It is known for other sponsorships including, the Kaduna Georgian Cup Polo Tournament, now in its 103rd year, which is perhaps the longest-standing sports sponsorship in the world.

FirstBank is also a long-standing sponsor of the Lagos Amateur Open Golf Championship at the Ikoyi Club, a property it has faithfully sponsored for 62 years.

The bank has played a crucial role in empowering entrepreneurs, women, students and the rapidly growing creative industries locally, which are gaining global recognition.

Its strategic interventions through DecemberIssaVybe, FirstGem, SPARK, FirstBank Women Network and numerous other campaigns have been impactful, especially in addressing some key United Nations Sustainable Development Goals (SDGs).

FirstBank has demonstrated its commitment to Diversity through policies, partnerships, and initiatives, such as its employees’ ratio of female to male (39 percent:61 percent); 32 percent women in management, and 11 women on the Board of Directors across the FirstBank Group as well as various initiatives aimed at addressing the gender gap and increasing participation of women at all levels within the organization.

In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment Principles – Equal Opportunity, Inclusion, and Non-discrimination. And there have been rewards via awards for its leadership and life-changing initiatives.

The recent ones include Best Corporate Bank at the recent Euromoney Awards for Excellence, Nigeria 2023; Best Corporate Bank Western Africa 2023, by Global Banking and Finance; Best Internet Banking in Nigeria 2023, by International Business Awards; Most Innovative Banking Brand in Nigeria, by Global Brands Awards; the Financial Institution of the Year 2023, by Afreximbank Pan-African Business and Development; Best CSR Bank Western Africa 2023 by Global Banking and Finance Magazine; Market Leader Nigeria in ESG – Euromoney Market Leaders 2022. For six consecutive years (2011 – 2016), FirstBank was named ‘Most Valuable Bank Brand in Nigeria’ by The Banker Magazine of the Financial Times Group and ‘the Best Retail Bank in Nigeria’ from 2011 to 2018, an award of the Asian Banker International Excellence in Retail Financial Services Awards.

At the heart of FirstBank’s success story – which includes enabling the success stories of its customers and other stakeholders – lies its ability to continuously reinvent itself. And the reinvention seems to have started in earnest. For instance, its stock soared recently, pushing the Group into the exclusive club of stocks with over one trillion (SWOOT) capitalization.

A few months after the remarkable feat, it went, shoving other lenders aside to reclaim the most capitalized banking stock on the stock exchange.

It has been 13 decades of rising and growing with Nigeria. But FirstBank is not slowing down in its journey with the country its operation pre-dated.

The event garnered participation from distinguished organizations, among them Jobberman, the Association of Elite Human Resource Professions (AEHRP), Torch and Pay, Talenture, TerraWorks, and Vesti, who converged to identify and recruit talented individuals primed for various tech roles. Ingryd Academy also had partners including LSETF, GIZ, among others.

Khadijat Abdulkadir, CEO of Ingryd Academy, welcomed attendees, expressing gratitude to the partners for their commitments towards the cause.

In her address, she pointed to the significance of the program’s evolution and role in addressing the talent gap within the tech industry.

She emphasized the program’s mission to empower and support individuals, thereby fostering opportunities for personal growth and national transformation.

She stated, “A year ago, I wasn’t sure how this journey would unfold. Yet, today, as I stand before you, witnessing the completion of dedication and potential, I am reminded of Africa’s limitless possibilities. Through empowerment and support, we envision a future where individuals consume technology and actively contribute to its creation.“

Reflecting on the growth, Ingryd Academy CEO highlighted the program’s focus on continuous improvement and the expansion of opportunities. She underlined the importance of sustained effort and dedication, encouraging graduates to embrace a mindset of lifelong learning and empowerment.

Sandra Vermuijten, Team Lead of GIZ – Centre for Migration and Development, lauded the collaborative efforts driving impactful change within Nigeria’s tech sector.

She commended the partnership forged with Ingryd Academy, stressing the importance of long-term investment in human capital development. Sandra called attention to the need for sustainable solutions that go beyond just training, advocating for initiatives that bring in meaningful employment opportunities and economic empowerment.

Feyisayo Alayande, acting executive eecretary of LSETF, highlighted the essence of collaboration and progress. She celebrated the strides made in bridging the tech talent gap and outlined the organization’s dedication to facilitating an enabling environment for job creation in Lagos State.

Feyisayo noted the importance of innovation and entrepreneurship, urging graduates to leverage their skills to drive positive change within society.

Among invited guests was Olatunbosun Alake, Commissioner of Innovation, Science, and Technology for Lagos State, who delivered a speech highlighting the significance of community engagement and the essence of technology and education in driving societal change.

Alake emphasized the importance of engaging with governmental bodies, urging attendees to connect with their representatives and actively participate in civic discourse.

The ceremony also featured insights from Engr Gbolahan Olusegun Yishawu, a Lagos Assembly member representing Eti-Osa constituency II, who celebrated the impact of education and selfless dedication to community development. Yishawu affirmed the importance of upskilling and continuous learning, urging graduates to seize opportunities and pursue excellence in their respective fields.

In a panel discussion moderated by Amabelle Diana Nwakanma, Director of Programmes at LEAP Africa, professionals from various sectors, including Audrey Odogu, Philanthropies Lead Nigeria and Ghana at Microsoft; Gbenga Omolokun, Managing Director, VFD Microfinance Bank; Folarin Aiyegbusi, Head of Startup Ecosystem for Africa at Google; Moyin Oke, Design Expert, spoke on the theme: “Future Frontiers: Navigating Tech Trends and Career Opportunities.” 

Audrey Odogu, stressed the significance of investment in local talent and bridging the digital divide. She spotlighted the importance of exploiting talent within Nigeria and Ghana to seize available opportunities. Odogu brought to light the potential of local expertise in scaling the growing tech sector.

As she stated, “We need to bridge the digital divide and exploit our local talent pool to its fullest potential.”

Folarin Aiyegbusi delved into the aspect of startups, emphasizing the importance of strategic tech entrepreneurship and quality assurance.

His perspective was on the need for startups to focus on quality and innovation amidst developing market dynamics.

Aiyegbusi’s comment, “Focus should be frequent on the quality of strategic tech startups,” is in line with the imperative of prioritizing excellence in technological ventures.

Moyin Oke brought a unique perspective to the discussion, reflecting on the evolution of design in the tech sector.

Drawing from personal experience, Oke highlighted the power of acquiring relevant skills and embracing technological advancements.

His emphasis on leveraging individual potential affirmed that technology empowers individuals to redefine career pathways and embrace creative opportunities.

On the other hand, Gbenga Omolokun emphasized the importance of discipline and adaptability in navigating remote work environments.

He shed light on the nuanced balance between technological innovation and human-centric approaches in the workplace. Omolokun spoke on effective collaboration and solution-oriented thinking, highlighting the effectiveness of technology in addressing societal challenges.

Audrey Odogu, spoke further on the power of partnerships and collaboration in driving innovation and progress.

She said, “We need people to come together, break things down, and collaborate effectively to address market needs.” The significance of leveraging collective expertise and resources to tackle complex challenges while unlocking new possibilities was her drive. Her insights brought to light Microsoft’s commitment to stimulating collaborative ecosystems that empower individuals and organizations to thrive in the digital age.

Folarin Aiyegbusi, reiterated the importance of proactive engagement and continuous learning in steering the changing tech sector.

Reflecting on his journey, Aiyegbusi emphasized the value of curiosity and adaptability, stating, “All of us need to be open to trying something new, to exploring uncharted territories, and to embracing continuous learning.” He pointed to aspiring entrepreneurs and tech enthusiasts, highlighting the imperative of embracing change and seizing opportunities for growth and exploration.

Gbenga Omolokun, Managing Director of VFD Microfinance Bank, accentuated the epic role of execution and problem-solving in driving successful partnerships.

Omolokun stressed the importance of understanding market dynamics and responding to evolving customer needs, stating, “Partnerships thrive when there is a shared commitment to solving real-world problems and delivering tangible value to customers.” 

Moyin Oke again spoke on the dual importance of internal alignment and external networking in facilitating successful partnerships and driving innovation. He emphasized the need for clarity of vision and strategic alignment, stating, “Building successful partnerships requires a clear understanding of internal objectives and external market dynamics.” 

The discussions pointed to the importance of enabling local talent, embracing innovation, and leveraging technology as a catala motivation for socio-economic transformation. T

/he graduates are well prepared to scale through the world of technology and career advancement with resilience and adaptability.

As Moyin Oke stated, “Every single person in this room is a representative of what we really do and how far we really can go as people.”

The program gradually reached its conclusion with the presentation of certificates to the graduates. It was a proud moment for individuals who had worked hard for years to achieve this milestone in their lives. Thanks to Ingryd Academy!

Tola Adekunle-Johnson, the senior special assistant to the Vice President of Job Creations and SMEs, reiterated this in Abuja on Thursday at the graduation of 5,300 SMBs from Google’s Hustle Academy.

Google Hustle Academy Graduates 5300 SMBs for 2023 Class

The SSA said the SME Advisory Council is aimed at supporting the over 40 million small businesses in Nigeria.

This graduation marked the continuation of the programme’s impact, with over 10,300 entrepreneurs having participated since its inception in 2022 with 4,400 from Nigeria.

The Hustle Academy, designed to address specific challenges faced by SMBs in Africa, offers practical skills and resources to help these businesses grow.

Adekunle-Johnson said the SME Council was necessary, going by the significant contributions of small businesses to the Nigerian economy, stressing that SMEs need huge support to thrive, especially now.

He said that the council comprising of seasoned entrepreneurs and professionals would provide advisory services on how to assist MSMEs in an accelerated manner.

Similarly, Charles Odii, the director-general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said SMEs are the major drivers of any economy.

Odii said that about 96 per cent of businesses in the country are small businesses while multinationals like MTN, Google and other multinationals occupy four per cent of the ecosystem.

He said the SMBs created 80 per cent of the jobs in the economy and about 72 per cent of such businesses are led by women within the age range of 20 to 60 years.