CBN Reiterates Support for SMEs

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has reiterated its commitment to the growth of the Small and Medium Enterprises (SMEs) sector.

This was made known by the Acting Director for Corporate Communications Department of the CBN, Mrs Hakama Ali, on Sunday, during the CBN’s Special Day at the ongoing 36 Enugu International Trade Fair 2025.

In her address, Mrs Ali said that the theme for this year’s fair, Developing Nigeria Industrial Sector/SMEs for Economic Advancement & Global Recognition is apt as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.

Mrs Ali said that the current management of the bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the SMEs.

Business Post reports that SMEs account for the highest job creation efforts in Nigeria and contributes around 50 per cent to the country’s gross domestic product (GDP).

She noted that achieving an impactful industrial development for global recognition is premised on a tripod, including robust financial systems fundamentals, foreign, exchange market stability and strong collaboration between the monetary and fiscal authorities.

“The bank’s efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” she said.

She maintained that the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.

“The CBN annually participates in the Enugu fair to raise awareness and sensitize teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition,” she said.