Stakeholders in government, the private sector and development institutions have called for stronger collaboration to open-up the full potential of Nigeria’s Micro, Small and Medium Enterprises (MSMEs).
The call comes as Nigeria’s informal sector continues to play a major role in the economy.
According to data from the Central Bank of Nigeria (CBN) as of April 2026, the informal economy contributes more than 58 per cent of the country’s Gross Domestic Product (GDP) and provides most of the employment opportunities.
The development highlights the importance of strengthening small businesses to sustain economic growth, create jobs and improve livelihoods across the country.
Stakeholders made the call at SME Connect 1.0, an enterprise development forum organised by LAPO Microfinance Bank in collaboration with the Association of Small Business Owners of Nigeria (ASBON) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The event, organised to mark the 2026 World MSME Day, had the theme, “Driving MSME Growth Through Impact, Partnership and Innovation.”
The forum brought together entrepreneurs, policymakers, regulators, development partners and business leaders to discuss practical solutions to the challenges facing small businesses in Nigeria.
Discussions focused on access to finance, business formalisation, digital transformation, capacity building, market access and strategic partnerships as important areas for building stronger and more competitive businesses.
LAPO Microfinance Bank said supporting small businesses must go beyond providing loans, stressing that sustainable business growth also requires financial education, business knowledge, mentorship and access to useful networks.
Through its financial inclusion and enterprise support programmes, the bank said it has provided access to finance for more than six million MSME customers while also helping entrepreneurs gain the knowledge needed to start, manage and grow sustainable businesses.
Speaking at the event, the Managing Director and Chief Executive Officer of LAPO Microfinance Bank, Cynthia Ikponmwosa, said entrepreneurs require more than access to funding to succeed.
“At LAPO Microfinance Bank, we recognise that access to finance alone is not enough. Entrepreneurs need the right knowledge, skills, networks and opportunities to build resilient businesses,” she said.
“Through initiatives like SME Connect, we are creating platforms that empower MSMEs to thrive, create jobs and contribute meaningfully to Nigeria’s economic development.”
The bank currently operates across 34 states and the Federal Capital Territory, serving customers in urban, semi-urban and rural communities.
It has also disbursed more than ₦1.7 trillion in loans across several areas of the economy, including education, small business development, agriculture, clean energy, housing, mortgage finance, consumer lending, public sector finance and asset acquisition.
According to the bank, more than six million entrepreneurs have benefited from sustained access to finance and other forms of enterprise support.
Women entrepreneurs account for more than 70 per cent of the bank’s loan portfolio, reflecting its focus on expanding economic opportunities for women.
Delivering the keynote address at the event, Olufemi Egbesola called for stronger partnerships among government agencies, financial institutions and the private sector to create a better environment for small businesses.
He said supportive government policies, improved access to finance and strong enterprise development programmes are necessary for MSMEs to survive and grow.
Also speaking at the event, Tosin Abajo, who represented SMEDAN, said collaboration remains important to the growth of small businesses in Nigeria.
He noted that Nigerian entrepreneurs need more than credit to build successful and sustainable businesses.
According to him, business development support, formalisation, digital skills, market access and continuous training are important for long-term business growth. He added that SMEDAN remains committed to working with relevant stakeholders to strengthen Nigeria’s MSME ecosystem.