In a renewed show of confidence in Nigeria’s entrepreneurial spirit, Ecobank Nigeria has reiterated its unwavering commitment to supporting the growth and success of small and medium-sized enterprises (SMEs) across the country. The bank’s latest move underscores its broader vision of positioning Nigerian SMEs to compete favorably on the global stage.
Speaking on the development, Kayode Tokede, Head of SME Banking at Ecobank Nigeria, emphasized that the institution views SMEs as the engine room of economic development. He noted that SMEs contribute significantly to employment creation, poverty reduction, and innovation — key pillars necessary for driving sustainable national growth. According to the National Bureau of Statistics (NBS), SMEs account for about 48% of Nigeria’s GDP and employ over 80% of the country’s workforce, underscoring their central role in the economy.
“We understand the critical role SMEs play in the Nigerian economy. That’s why we are consistently investing in products, advisory services, and funding solutions that will not only help these businesses thrive locally but also position them to tap into international markets,” Tokede said.
Ecobank’s support goes beyond traditional banking services. The bank has introduced several innovative platforms, such as the Ecobank Marketplace and SME Mentorship Programmes, aimed at enhancing access to markets, finance, and capacity-building for small business owners. It has also partnered with key development finance institutions to provide concessional funding and technical support for SMEs, particularly those in the manufacturing, agribusiness, and technology sectors.
In line with its Pan-African identity, Ecobank is also facilitating cross-border trade for SMEs by leveraging its expansive continental network across 33 African countries. This initiative is helping Nigerian businesses, especially export-oriented SMEs, scale operations and access broader markets.
Experts have praised the move, noting that greater institutional support for SMEs is crucial if Nigeria hopes to achieve inclusive economic growth and meet development targets such as the Sustainable Development Goals (SDGs). In an environment where many small businesses struggle with access to affordable credit, poor infrastructure, and regulatory hurdles, strategic partnerships with banks like Ecobank could provide the much-needed boost to unlock their potential.
As global competition stiffens and the African Continental Free Trade Area (AfCFTA) opens new opportunities, Tokede stressed that empowering Nigerian SMEs to meet international standards would ensure that they are not left behind in the emerging global economy.
Ecobank’s reaffirmation comes at a time when the federal government is also intensifying efforts to strengthen the SME ecosystem through policy reforms, access to finance initiatives, and entrepreneurship development programmes.
With players like Ecobank stepping up their commitment, there is renewed optimism that Nigeria’s SME sector will not only weather prevailing economic challenges but also emerge as a formidable force on the global business landscape.
