In today’s Nigeria, “support small businesses” has become more than a rallying cry, it is a reality we can no longer ignore. If you earned a Naira each time you heard that phrase, you might have enough capital to kickstart a business of your own or at the very least help fund your cousin’s dream project. But behind the hashtags and viral tweets lies a critical truth. Small and Medium Enterprises or SMEs are not just important, they are essential.
SMEs account for nearly half of Nigeria’s GDP and are responsible for over 80 percent of employment in the country. According to the Nigerian Bureau of Statistics, there are more than 39 million SMEs nationwide. That is not just a figure it is a movement. And as McKinsey & Company once said, the health of SMEs is the health of the economy. When these businesses grow, Nigeria grows. But let’s not pretend it is easy. Running a business in Nigeria can feel like a daily obstacle course. From unpredictable fuel prices to the classic “network no dey” situations, the hustle is real.
This is why small business owners need more than motivation. They need practical support. They need banking that understands their journey and speaks their language. And that is where FirstBank comes in not just as a financial institution but as a partner committed to walking the journey with Nigerian entrepreneurs.
Through platforms like SMEConnect, FirstBank has built a dynamic support system designed for real people solving real problems in real time. It is not just about giving advice. It is about equipping entrepreneurs with the tools they need financial education, access to markets, business seminars that make sense, and personalised support that gets results.
When it comes to funding, FirstBank understands that one size does not fit all. Their loan offerings are crafted for actual business realities. Whether you need to rent a space, buy a delivery van, stock up on raw materials, or scale production, FirstBank has products that match your ambition.
One initiative worth highlighting is FirstGem tailored specifically for women entrepreneurs. With single digit interest loans, business mentorship, and training opportunities, it is giving growth, confidence, and boss energy all at once. It is FirstBank’s way of saying your gender should never be a barrier to your financial freedom. And because modern entrepreneurs cannot afford to be tied down by queues or branch visits, FirstBank ensures that its services move with you. Whether you are managing inventory at your store, rushing to a delivery, or working remotely from Jos, their mobile banking app and USSD service mean you can bank anywhere, anytime.
The truth is that SME banking in Nigeria is no longer optional it is the new normal. And while some institutions are just catching up, FirstBank has been walking this path long before it became popular. As the World Bank rightly puts it, access to finance remains one of the biggest challenges for SMEs. What businesses need are banks that do more than open accounts they need banks that show up.
At FirstBank, that commitment is clear. It is not about being trendy. It is about being transformational. Because as the old African proverb reminds us, if you want to go fast, go alone. But if you want to go far, go together. And FirstBank chooses to go far with you.
References
Ladybird Limited
FirstBank SME Connect
https://www.worldbank.org/en/topic/smefinance
https://www.pwc.com/ng/en/assets/pdf/pwc-msme-survey-report-2024.pdf
SME Banking
https://andrewwhitby.com/2020/12/25/if-you-want-to-go-fast/
