Startups, small and medium enterprises in the country are expected to get support as the Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the bank will increase its development finance interventions to boost their growth.
The disclosure was made by the CBN Boss during his speech at the 51st convocation lecture of the University of Lagos, on Monday, with the topic, ‘National development and knowledge economy in the digital age: Leapfrogging SMEs in the 21st century’.
Emefiele said increased access to finance for start-ups and SMEs is highly essential for the nation’s economy to grow.
He said special consideration should be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.
While spotlighting the critical role of vibrant and growing SMEs to the growth of the economy and the creation of jobs for Nigerian youth, the CBN governor said the potential of SMEs in enhancing economic growth was hampered by limited access to finance, inadequate infrastructure and poor digital penetration.
Emefiele urged the government and the private sector to provide more support in addressing the challenges of SMEs in the country.
