FirstBank has reaffirmed its position as a key driver of Nigeria’s small and medium-scale enterprise (SME) sector with plans to disburse over N1 trillion in funding this year. The initiative was announced at the SME Scale Up event in Lagos, which brought together entrepreneurs from various industries under the theme Scale Up Your Business, Soar High.
The bank, recently awarded Best SME Bank in Nigeria and Africa at the 2025 Asian Banker Awards for the second consecutive year, emphasized its commitment to fostering business growth beyond financial support.
FirstBank’s Managing Director/CEO, Olusegun Alebiosu, highlighted the essential role SMEs play in job creation, taxation, and overall economic development. He stressed that SMEs remain the backbone of any thriving economy, driving employment and wealth creation at the grassroots level.
“In every economy, SMEs are the engine of growth. The big businesses remain, but it’s the small and medium enterprises that employ young graduates, salespeople, and other essential workers. When we empower SMEs, we are actually strengthening the entire economic system,” Alebiosu said.
He also noted that as a former branch manager, he understands the challenges small business owners face and is committed to ensuring FirstBank remains their strongest ally.
“As an SME champion, we take pride in supporting small businesses. Our goal is to ensure that FirstBank continues to provide financial solutions that drive growth and sustainability in the sector,” he added.
Speaking further on the bank’s SME initiatives, FirstBank’s Head of SME Banking, Abiodun Famuyiwa, reiterated the sector’s impact on Nigeria’s GDP and employment rates. He explained that SMEs contribute about 48% to the country’s GDP and employ nearly 80% of the population.
“This SME Scale Up initiative is not just about funding but also about equipping entrepreneurs with the knowledge to manage and scale their businesses. Many SMEs fail not because they lack funding but because they lack financial education. We want business owners to see their businesses as structured entities and manage their capital effectively,” Famuyiwa said.
He emphasized that FirstBank’s approach to SME financing goes beyond just disbursing loans. The bank provides business advisory services, financial literacy training, and networking opportunities to help entrepreneurs navigate economic challenges.
According to Famuyiwa, FirstBank disbursed over N700 billion to SMEs in 2024, with N100 billion allocated to market traders and between N74 billion and N80 billion given to informal businesses. This year, the bank is expanding its support, committing over N1 trillion to SMEs across various sectors.
“Most of these loans are non-collateralized, meaning businesses do not need extensive financial backing to qualify. We also ensure that our interest rates remain highly competitive, making it easier for SMEs to access funds,” he said.
FirstBank’s increased focus on SME financing aligns with the broader vision of strengthening Nigeria’s business ecosystem. By providing both funding and business development support, the bank aims to help small businesses scale sustainably, increase job creation, and contribute significantly to the economy.
“We want SMEs to thrive, not just survive. With the right financial support, training, and mentorship, they can expand their businesses, employ more people, and transform the economic landscape,” Famuyiwa concluded.
With this commitment, FirstBank continues to position itself as a key player in Nigeria’s SME sector, providing the necessary resources to help businesses grow and succeed in an increasingly competitive market.
