Enugu State Governor, Peter Mbah, has urged the establishment of independent financing schemes for Small and Medium Enterprises (SMEs) that operate outside the control of commercial banks, in a bid to foster fair competition and regional economic growth.
Speaking at a workshop on the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme held in Enugu on Tuesday, Mbah—represented by his deputy, Mr. Ifeanyi Ossai—stressed the importance of creating frameworks that support local industries and ensure their sustainability.
According to Mbah, “We should set up a framework to assist local industries. We need to protect local manufacturing.” He further urged the Federal Ministry of Foreign Affairs and relevant financial institutions to back small enterprises to ensure they compete effectively within the ECOWAS sub-region.
Okay News reports that the governor also called on banks to play a stronger role in supporting businesses in the South East, stating that many local entrepreneurs face challenges in accessing financial aid.
“We ought to compel our banks to start assisting businesses in the South East. We must work to restructure so that we can compete with other ECOWAS countries,” he said. “We know that we are traders, and if you talk about SMEs in Nigeria and the subregion, that is the South East Region, that is what we are known for, and that is what we are trying to do with the best of our abilities.”
In her remarks, Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, commended the initiative, describing it as vital to strengthening regional trade and empowering small businesses.
“This initiative is timely, as it speaks directly to the urgent task before us, which is to deepen regional integration, expand cross-border trade, and empower our Small and Medium Enterprises to take their rightful place in the vast West African market,” she said.
Ambassador Ojukwu further noted that SMEs are “the engine room of Nigeria’s economy,” stressing their role in job creation, innovation, and inclusive development.
President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odega Jideonwo, praised the workshop as “a step in the right direction,” noting that many local goods produced in the region are still not reaching other African markets.
“It is a step in the right direction. There are many goods produced in our place, but they don’t get from other African countries,” Jideonwo said.
Recent data from Moniepoint Microfinance Bank revealed that about 42 percent of Nigeria’s small businesses cannot survive beyond a month without income, highlighting the fragile state of the SME sector and the urgent need for structural support to ensure sustainability.
