In a bid to address the potential impact of external shocks on Small and Medium Enterprises (SMEs), FirstBank has underscored the need for these businesses to build resilience across diverse sectors of the economy. The aim is to protect business inventories, supply chain networks, and financing models from potential disruptions that could hinder growth.
During a webinar session themed ‘The Power of Resilience: Building a Strong Business in Times of Uncertainty,’ financial service stakeholders highlighted the significance of SMEs in the Nigerian economy. SMEs play a critical role, contributing 50% to the nation’s Gross Domestic Product (GDP) and creating employment opportunities for indigenous entrepreneurs, thereby impacting 73% of industrial jobs.
Mrs. Dolapo Adigun, the Group Head of Retail Banking, South Africa, FirstBank, emphasized the importance of strengthening resilience during times of crisis to foster sustainable development in infrastructure delivery for SMEs, entrepreneurs, and micro-managers. Adigun urged SMEs to perceive challenges as opportunities and harness them to reinforce their business strength.
Furthermore, FirstBank is actively engaged in capacity-building initiatives for SMEs, focusing on areas that directly affect their growth and development. By empowering SMEs through these value propositions, FirstBank aims to enhance their ability to navigate uncertain economic climates and thrive amidst challenges.
The webinar served as a platform for SMEs to learn from industry experts and fellow entrepreneurs, gaining valuable insights into effective strategies for resilience-building. Through these collaborative efforts and knowledge-sharing, SMEs can better equip themselves to weather uncertainties and achieve long-term success in the dynamic business landscape.
