Experts Highlight SMEs' Role in Poverty Alleviation in Nigeria

Chief David Ollawa Ikechukwu, Managing Director of Premedoi Integrated Services Limited, emphasized the crucial role of Small and Medium Enterprises (SMEs) in alleviating poverty in Nigeria. He urged the Nigerian government to focus on supporting the SME sector, highlighting that it significantly contributes to job creation and GDP in various countries, particularly in OECD nations. The article also points out the challenges SME owners face in navigating the banking landscape, advocating for Fintech solutions and Tier-3 to Tier-2 banks that better cater to their needs than traditional Tier-1 banks. These alternative banking options are seen as more agile and supportive, crucial for fostering growth among small businesses. Furthermore, the importance of innovative financial solutions, like mixed financing models, is noted as a potential strategy for enhancing resilience in agriculture, which parallels the challenges faced by SMEs in accessing appropriate financial services. Overall, the narrative stresses the need for tailored financial support to empower SMEs as a pathway to economic development in Nigeria.