CBN ready to scale up interventions for SMEs, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex bank is ready to increase interventions to support start-ups and small and medium enterprises (SMEs).

Emefiele said this on Monday while delivering the 51st convocation lecture of the University of Lagos (UNILAG) titled, ‘National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century.’

He noted that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.

The CBN governor emphasised that special consideration should be given to strengthening physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.

He called on Nigerian tertiary institutions to ensure effective collaboration with industry players in key sectors of the economy to train relevant manpower.

Congratulating the graduating students, Emefiele urged them to take advantage of some of the bank’s intervention programmes.

Emefiele, who disclosed that the CBN had also prioritised financial inclusion as a deliberate strategy to reduce the percentage of adults excluded from financial services, encouraged the graduating students to be part of the solution to a greater Nigeria.

According to him, “…despite the hues, cries and complaints about this country, this remains the land of indescribable opportunities, the land where finding a simple solution to a common problem can lead to unimaginable financial prosperity.”