The Chief Executive Officer of First Bank of Nigeria (FBN), Dr
Adesola Adeduntan, has emphasized the strategic roles of small and medium
enterprises SMEs to the growth and development of the national economy.
Adeduntan said the path to the growth of the Nigerian economy lies
in growing the SME sector, and that informed why First Bank has deliberately
provided robust support platforms for the critical SME sector.
Speaking during the plenary session at the 8th Ehingbeti/Lagos
Economic Summit on Tuesday, 16 February 2021, the First Bank CEO said,
"The path to the growth of Nigerian economy is by growing the SME sector.
SME is a very important aspect of what we do at FBN because of its importance
to the overall growth and development of the economy. "
Adeduntan disclosed that " By March 2021 First Bank will
be 127 years old, and is by far the oldest and largest bank in Nigeria. The
reason we continue to thrive and endure as an institution is our support for
businesses that are relevant to the overall growth and development of the
economy and the SMEs is a practical example. Our portfolio of SME is quite
sizeable giving the history of the FBN and Nigeria."
Enumerating the bank's support for the sector, he explained:
"At First bank, we have a dedicated portal called SME Connect running for
about 6 or 7 years through which we provide support for SMEs. We offer advisory
services to ensure we up their skills and capabilities in either preparing
basic accounts statements, choice of technology, and supporting them to work
through the system. We have continuously refined the SME Connect platform to
conform with latest standards. For example, we updated it with relevant
adjustments to the new Company and Allied Matters Act CAMA Law. In some
practical terms, we provide term loans, overdrafts, and all types of structured
debt instruments to our SME customers.
Dr Adeduntan further added that, "Very importantly, the
Central Bank of Nigeria CBN as part of its economic stimulant plan provides more
liquidity for banks to enable them lend more to SMEs. First Bank is active in
that space, and so are other banks too.
"The Bankers Committee which consists of CBN Governors
and CEOs of Banks also collectively decided and intervened on SME. We set up a
fund with 5% of Profit After Tax to create a pool of fund which is available
for funding SMEs. We understand their importance in keeping the economy growing
to ensure we have a positive economy."
"I am always inspired when I meet businesses that are now
relatively big or sizeable telling me how 20, 30, 40 years ago FBN helped in
supporting them to pick up from the ground" he concluded
enthusiastically.
The three-day summit holds virtually from February 9-11 themed
“For a Greater Lagos: Setting the Tone for the Next Decade”, with about 150
speakers, drawn from across the world speaking on various issues, including Dr
Ngozi Okonjo Iweala, the new Director-General of the World Trade Organization,
President Mohammad Buhari and Dr. Akinwunmi Adesina, President, African
Development Bank (ADB).
The Ehingbeti Summit is a great recent tradition in Lagos
State which has served as the bedrock for developmental discourse, a platform
for engaging a wide range of stakeholders in the Lagos success story and an invaluable tool for molding our growth over the past 20 years.
Jointly created by the private and public sector of Lagos
State, Ehingbeti is not merely a platform for discussions but also a veritable
tool for driving socio-economic and infrastructure development in the State.
The Summit aims to generate and implement tangible ideas and innovations, many
of which have been successfully executed by Lagos State to the benefit of all.
0 Comments