First Bank of Nigeria Limited (FirstBank) has reaffirmed its commitment to strengthening Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) sector, revealing that it disbursed over N200 billion to small businesses in 2024 alone.
The bank said the intervention was driven by the need to address one of the biggest obstacles confronting MSMEs in the country access to adequate and affordable funding.
Speaking at the SMEDAN 2025 National MSMEs Conference held in Lagos, Head of SMEs Banking at FirstBank, Mr. Abiodun Famuyiwa, said closing the persistent funding gap remains central to the bank’s strategic work with small businesses.
According to him, “One of the major problems MSMEs are confronted with, as we all know, is funding. We can’t shy away from it because they need money to run their operations. And in this area, FirstBank has come handy.”
Famuyiwa explained that in the past year, the bank disbursed about N100 billion to businesses across various markets and another N70 billion to petty traders, excluding funds injected into other business categories.
“So, overall, FirstBank disbursed over N200 billion to small businesses in one year,” he said, describing the feat as remarkable. He added that a significant portion of the funds was issued without collateral, based on the bank’s assessment of each SME’s capacity and business model.
“We do not want to give SMEs money that will put them into trouble. So, we try to assess their businesses and also ensure we monitor the usage of the fund,” he said.
Famuyiwa noted that FirstBank is equally focused on building MSME capacity, as funding alone is not enough to guarantee business success. Through webinars, seminars, and the bank’s dedicated SME Connect platform, small business owners are exposed to resources, mentorship, and expert guidance.
“Growing businesses is not just about money. When the money is given, how do you use it effectively to expand your business?” he said.
The bank also highlighted additional support tools such as Point-of-Sale (PoS) terminals and SME liability accounts that allow entrepreneurs to run their operations at minimal cost and with greater efficiency.
The SMEDAN 2025 National MSMEs Conference, themed “Grow Nigeria: Building a Future of Innovation, Resilience and Prosperity,” brought together federal and state government officials, private-sector leaders, development partners, financiers, and MSME associations. Discussions included the review of the National MSME Policy, which expired in 2024, and efforts to develop a new five-year policy framework.
The conference also featured the GROW Nigeria Fair, a large-scale exhibition showcasing high-potential SMEs across food, fashion, technology, entertainment, manufacturing, and other sectors.
