FCMB Exec Argues Nigerian SMEs Need Ecosystem Support Beyond Funding for Sustainable Growth
Sponsored content: George Ogbonnaya of FCMB argues that while funding remains important, Nigerian SMEs require a stronger business ecosystem to grow sustainably and compete globally. He states that survival is no longer the key question—many SMEs have proven resilient—but whether they can scale amid high costs, shifting customer needs, technological changes, and increased competition. Ogbonnaya identifies four priorities for ecosystem building: reliable infrastructure (electricity, transport, internet) as a productivity enabler; technology adoption beyond basic use to drive growth; skills development in management, finance, and digital tools; and inclusive finance through innovative credit assessment and sector-specific solutions. He notes that initiatives like FCMB's partnership with the Rural Electrification Agency for mini-grids and tools like FCMB Collect for payment integration demonstrate how banks can support SMEs beyond lending. The piece concludes that Nigeria's economic future depends on empowering entrepreneurs through integrated support systems covering markets, technology, knowledge, networks, and affordable solutions—where funded businesses are also equipped to innovate and create lasting value.