Leading financial services provider FirstBank, an authority in banking and SME support, advised small businesses to embrace resilience during tough economic times.
Oludolapo Adigun, the esteemed Group Head of Retail Banking (South) at FirstBank, shared valuable insights during a webinar hosted by FirstBank under the SMEConnect initiative.
The webinar, titled “The Power of Resilience: Building a Strong Business in Times of Uncertainty,” attracted a diverse audience of individuals and business owners seeking guidance amid challenging economic circumstances.
SMEConnect, an integral part of FirstBank’s commitment to SME development, focuses on empowering businesses through capacity-building initiatives tailored to their growth and progress.
Adigun emphasized Nigeria’s abundance of potential, citing its population of over 200 million people as a significant advantage.
Recognizing the nation’s sizable and expanding consumer base, she stressed the immense opportunities available to SMEs in various sectors.
Addressing the challenges faced by SMEs, Adigun acknowledged factors such as infrastructure limitations, regulatory environments, and the informal economy.
She also highlighted external factors like inflation, petrol subsidy removal, currency devaluation, and foreign exchange rates.
By acknowledging these challenges, she aimed to demonstrate an understanding of the unique hurdles faced by Nigerian businesses.
Emphasizing the importance of resilience in navigating uncertain times, Adigun provided practical strategies for SMEs to adapt to economic conditions and seize market opportunities.
These included long-term financial planning, effective loan management, strategic partnerships, customer relationship strengthening, business model adjustments, and operational efficiency enhancements.
Drawing on FirstBank’s experience in weathering challenges, Adigun assured participants that the bank empathizes with their struggles.
She emphasized FirstBank’s role as an SME-focused institution, boasting a diverse portfolio of over 1,000 Micro, Small, and Medium Enterprises (MSMEs).
With a range of tailored products and services, FirstBank is dedicated to supporting the unique needs of SMEs across sectors.
Adigun underscored the bank’s commitment to SMEs, offering assets, liability products, and a comprehensive suite of support through their seven pillars.
Adigun encouraged aspiring entrepreneurs and business owners to register on the [email protected] platform, enabling them to tap into a wealth of resources and opportunities.
She also introduced participants to FirstBank’s business diagnostic tool, a powerful resource utilized by the bank to analyze businesses and provide valuable advice on areas of strength and improvement.
During the webinar, Mr. Damilola Aransiola, Chief Growth Officer of WhoGohost, emphasized the importance of innovative problem-solving to overcome business challenges.
He shared his company’s approach, highlighting the creation of Muzu.co—a website builder facilitating rapid website development—as a means of generating revenue in foreign currencies.
Aransiola urged business owners to foster resilience through continuous innovation, adaptation, and creative partnerships.
By diversifying revenue streams and leveraging strategic collaborations, SMEs can maintain their financial stability and thrive in the dynamic business landscape.
The SMEConnect webinar provided a platform for Nigerian SMEs to gain valuable insights into building resilient businesses.
