In the recently released survey results, Stanbic IBTC emerged as a leader in retail, SME and corporate segments, securing the prestigious top spot in the KPMG experience score in retail and SME. The Bank also claimed the third position in the corporate banking category.

The remarkable feat was sequel to the Group’s impressive performance in the 2022 edition of the survey, where the Bank claimed the number one spot in both retail and corporate banking categories.

KPMG’s research report emphasised Stanbic IBTC’s outstanding performance, citing excellence across critical aspects of the customer journey in the retail and SME segments. The report attributed the success to the Bank’s unwavering commitment to innovation and a customer-centric approach. Notably, the strategic focus on customer onboarding, particularly through a customer entrenchment strategy, was highlighted as a pivotal factor in this well-deserved recognition.

Expressing his delight at the recognition, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, stated, “This achievement is a testament to our profound commitment to providing exceptional banking experience to our customers. We are proud to be recognised for our efforts in retail, SME, and corporate banking, and we will continue to innovate and prioritise our customers in all aspects of our operations.”

The survey, now on its 17th edition in Nigeria since its inception in 2007, covered an extensive customer base, with wide-ranging retail banking customers, thousands of SME banking customers, and hundreds of  corporate banking customers participating in the research. The rankings were based on the six pillars of performance – empathy, integrity, time, effort, expectation, and personalisation.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, added, “Our success in this survey reflects the hard work and dedication of our team and the effectiveness of our customer-centric strategies. We will build on this momentum and continue to raise the bar in delivering superior banking services to our diverse customer base.”

Earlier this year, Fitch Ratings reaffirmed the National Long-Term Ratings of Stanbic IBTC Holdings and Stanbic IBTC Bank Limited at ‘AAA (nga).’ Fitch also assigned stable outlooks to the ratings, which underscored the financial institution’s resilience in a challenging operating environment, recognising its sound asset quality, robust capitalisation, consistent profitability, and the strategic importance of being a member of the Standard Bank Group.

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The winners, Femi Adekoya, CEO, Integrated Aerial Precision Ltd; Adewale Adesanwo, Founder, Alchol Chemicals Limited ; Queen Uwabuofu, Founder, Clove Kids International; Rebecca Andeshi, Founder, Grocircular Agro Allied Services Ltd and Chidimma Uzoma, Founder, Zayith Food Company.

Orange Corners, an initiative of the Kingdom of the Netherlands, was launched in Nigeria in 2019 and has been implemented by FATE Foundation. 

The program’s objective is to support and nurture the entrepreneurial spirit in Nigeria by providing a platform for enterprise development, mentoring, market access, and funding opportunities. 

Over the years, OCIF has successfully supported and empowered 120 entrepreneurs, granting them a total of over N336,000,000 (Three Hundred and Thirty-Six Million Naira) in grant funding for prototype development and testing.

“We are happy to recognise and provide early-stage funding to these exceptional Nigerian entrepreneurs, helping them create, develop, and test their innovative ideas. Our goal is to help them build strong business structures, so they can grow their ventures and be ready for future investment opportunities,” Adenike Adeyemi, Executive Director of FATE Foundation said.

The Orange Corners Innovation Fund pitch competition took place on the 19th and 20th of April 2023, at the FATE Foundation headquarters in Ilupeju, Lagos. 

An expert jury panel, comprising Sonia Onovughakpo Fajusigbe, Economic & Trade Adviser at the Netherlands Consulate General; Gbenga Abogan, Manager of Investment at VEROD Capital Management; and Tayo Adelaja, Head of Corporate Affairs at Nigerian Breweries Plc, evaluated and assessed the participating businesses for innovation, feasibility, scalability, sustainability and understanding of the market. The event was attended by esteemed guests, including Ward Karssemeijer, Youth Employment and Entrepreneurship Advisor at Orange Corners.

Expressing his delight, the Special Guest of Honor, His Excellency, Michel Deelen, Consul General of the Kingdom of Netherlands said, “I commend the entrepreneurial culture of Nigeria and the remarkable progress of the Orange Corners initiative. You can count on the continuous support from The Kingdom of Netherlands for the vibrant entrepreneurship ecosystem in Nigeria”. 

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The Adrenalina provides working spaces and collaborative opportunities for entrepreneurs, creatives, and freelancers on a subscription basis, amongst other services. Facilities include workspaces, conference rooms, virtual assistants, a mini lounge, a state of the arts production studio, and cutting-edge internet connectivity, provided by Elon Musk’s Starlink.

At its official launch, held recently at its cozy office in Yaba, Lagos, the company also expressed its commitment to the capacity development of young Africans.

According to CEO, Chukwuerika Achum, the Adrenalina is creating an environment where budding creatives and entrepreneurs can freely work, innovate and collaborate.

“Africa is the next frontier for economic development, and its teeming youths are the key to the actualization of a prosperous future. Therefore, we want to enhance the capacity of these young people to create and grow businesses.”

“We are seeking to de-risk the process of setting up a business, by taking off the burden of capital requirements such as infrastructure and regulatory requirements. We are also providing financial structuring, helping business to get structured into entities that can access financing,” Achum added.

He also added that the company has future plans to expand to other cities in Africa.

“We are not just building a business, we are creating an ecosystem that constantly delivers value to our community as well as the public,” said Tejumade Salami, head of Business excellence.

According to Salami, the Adrenalina has rolled out a series of initiatives to educate and entertain. These include series of events and trainings, a newsletter, and a periodic podcast called Voltzzzz.

Voltzz is a 30-minute interactive podcast that features celebrities from various fields discussing relevant topics. It can be accessed on digital hosting platforms such as Sound Cloud, and via the social media.

“With Voltzzz, we are creating a social space to contribute positively to trending issues in the society,” said Hilda Edet, Podcast co-host and head of Customer Service Excellence.

“The discussions are not limited to the podcasts because members of our online community are also encouraged to participate. Through this we can receive feedback on our operations,” Edet added.

According to Ayodele Arowosegbe, Marketing Consultant for the outfit, the Adrenalina will serve as an incubator for startups springing up in Nigeria.

“As Africa attempts to emerge as a competitive economic powerhouse, the continent has become a hub for start-ups. The Adrenalina is poised to help facilitate this transformation,” said Arowosegbe.

Investment into the African tech startup ecosystem passed the US$3 billion mark in 2022. According to Statista, Nigeria has the highest number of startups on the continent, numbering over 3,360 in 2022

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IFC’s $30 million loan will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cashflows have been strained by recent disruptions in global and local markets.

“As a bank, we are deeply committed to enabling success for SMEs. We understand the critical role of small businesses in leading Nigeria’s economy towards growth. This funding from IFC will enable us to extend financial relief to our customers during this difficult time. I am confident that the funds will help these businesses harness opportunities, and preserve jobs,” said Mudassir Amray, Managing Director and Chief Executive Officer of Union Bank.

“Strengthening supply chains and trade flows through working capital financing sets the stage for faster growth and economic diversification in Nigeria. IFC’s partnership with Union Bank is part of a wider strategy to ensure the flow of goods and services are sustained despite global trade disruptions,” said Kalim M. Shah, IFC Senior Country Manager for Nigeria, Liberia and Sierra Leone.

The loan facility to Union Bank is being made through IFC’s COVID-19 Emergency Response Working Capital Solutions Envelope, which was launched in 2020 to provide funding to existing IFC clients in emerging markets that will then extend new loans to companies affected by the economic impacts of COVID-19.

Recent disruptions to the global economy following COVID-19, including from rising inflation and limited access to finance, have left many businesses in Nigeria, particularly SMEs, struggling with supply chain shortages, increased cost of doing business and limited trade growth.

The partnership with Union Bank underscores IFC’s commitment to supporting smaller businesses in Nigeria, helping them preserve and create jobs, and access critical inputs.

The loan announced today is supported by the blended finance facility of the International Development Association’s Private Sector Window, which mitigates the financial risks associated with investments in sectors like SMEs and agribusiness.

IFC has an active investment portfolio of $2.3 billion in Nigeria – the second largest in Africa after South Africa – across sectors including agribusiness, healthcare, manufacturing, infrastructure, technology, and financial services.

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Backed by a young, tech-enthusiastic population, the continent recorded its largest smartphone shipment, as 5G smartphone sales surpassed 4G ones for the first time.

In the last five years, young entrepreneurs and business leaders have realised the urgency of creating solutions around cloud computing uptake, blockchain development, and artificial intelligence.

As a result, the startup ecosystem is projected to reach its highest funding of $7 billion in 2022 as founders and innovators look for more ways to solve the continent’s challenges.

Increased access and connectivity will allow Africans to innovate, collaborate and create technological solutions for current problems.

In 2023, here are the five innovators to watch include Gregory Rockson, Co-founder and CEO of mPharma, Africa’s largest pharmacy-led primary care provider.

Recently named one of the 100 most pioneering technology startups globally by the World Economic Forum, mPharma currently serves over 400,000 patients in Ghana, Nigeria, Kenya, Zambia, Malawi, Rwanda, Ethiopia, Uganda and Gabon.

Since its seed round in 2015, mPharma has raised over $40 million. In 2019, the company acquired Kenya’s second-largest pharmacy chain, Haltons. In September 2022, the company acquired the majority stake at HealthPlus, one of Nigeria’s leading pharmacy chains. According to Crunchbase, the startup is funded by 28 investors and has raised $89.8 million in funding over 14 rounds (the latest funding was raised on Jan 5, 2022, from a Series D round).

Since the pandemic, the company has leveraged its partnership with several partners to deploy free COVID-19 tests and millions of COVID-19 test kits across government institutions, private labs, and organisations in eight African countries. Rockson believes working with a DFI with extensive government contacts across Africa would improve its appeal and help strengthen its corporate governance.

Gregory Rockson holds a Bachelor’s Degree in Political Science from Westminster College. A World Economic Forum Global Shaper, he was a Public Policy and International Affairs Fellow (PPIA) from Princeton University and a Rotary Scholar at the University of Copenhagen.

Oyewale Oyepeju is the co-founder and chief technology officer of Vendease Africa, a marketplace that lets African restaurants order directly from farms and food manufacturers. It allows food service business owners and managers to digitise, track, and automate their procurement and inventory management processes. It also provides businesses with analytics to improve profitability and eliminate waste.

A serial entrepreneur, innovator and IBM business partner who has delivered incredible technologies for global companies such as Sony Pictures & Entertainment and MTN, Wale Oyepeju has been critical to Vendease’s transformation from a procurement marketplace to a full-fledged data company. Founded in 2020, Vendease has raised a total of $43.3M in funding over four rounds, with the latest financing raised on Sep 26, 2022, from a Series A round, and has an estimated annual revenue of $19.2 million.

In a time when governments, private institutions, and agricultural experts are concerned about food security in Africa and creating and implementing new policies to address waste, Vendease’s technology innovation and current expansion strategy will be decisive by bringing transparency, convenience and financing into the food business value chain, and massively improving efficiency and business sustainability.

Wale possesses more than a decade of experience developing innovative enterprise solutions for businesses in the Telecoms, Oil and Gas, Banking and Finance, Media and Entertainment industries. He holds an MBA from Anglia Ruskin University, United Kingdom, a bachelor’s degree from Olabisi Onabanjo University, Ogun State, and is an IBM Certified Administrator.

Onyekachi Izukanne, Co-founder & CEO of TradeDepot

Experts describe Onyekachi’s TradeDepot as the engine of retail distribution in Africa. But prior to that, he co-founded C2G Consulting, a technology consulting practice that has grown to become a leading SAP Partner in West Africa. In 2016, Onyekachi launched TradeDepot, a distribution and retail aggregator with a mission to consolidate Nigeria’s fragmented informal retail supply chain by connecting the world’s top consumer goods manufacturers to retailers in Africa.

In 2021, the company raised $110 million in an equity and debt funding round to support the delivery of Buy-Now-Pay-Later services to five million SME retailers and drive further expansion of its merchant platform across the continent. Over the past five years, the company has raised over $123 million over four rounds with IFC, Novastar, and CDC Group as its lead investors.

In the thick of the pandemic, TradeDepot’s core business has been building supply chains with technology and connecting merchants one after the other. The company now offers a full range of products to launch digital wallets and financial services, especially credit products or BNPL. This financing model, coupled with technology to support logistics operations, has led to a 200 per cent increase in transaction volumes for retail store owners.

Ahmad Wadi is the founder and CEO of MoneyFellows, one of the leading Egyptian fintech platforms in North Africa and the Middle East. He caught the attention of market giants such as Microsoft and Daimler when he first established his first project, an object-tracking software, and worked on several projects for both brands.

Founded in late 2016, MoneyFellows is digitising the concept of money circles (ROSCAs), commonly known as gam’eya, in Egypt and other Arab countries. It is the first to offer next-generation digital RoSCAs globally, where users can effectively manage and plan their financial obligations and achieve their financial goals through the platform. With hundreds of thousands of monthly active users and a solid 8x YoY growth, the company has become one of the favourite financial apps for Egyptians.

MoneyFellows offers the association model in its well-known form but with digital tools through a smartphone application, and the company has managed to attract about 4 million customers so far. It taps into a less technologically-literate sector of society that is either unbanked or underbanked.

So the usability of the MoneyFellows app is absolutely core to its success. The app currently counts over 150,000 active users since its launch and has since added over 200 corporate partners who offer salary deduction pay-in processes for their employees to join money circles through the app seamlessly.

Yanmo Omoregbe, Co-Founder & Chief Operating Officer at Bamboo

Before the cryptocurrency craze among young millennials and Gen Z in Nigeria, there was Bamboo – the app that has massively changed the approach to investment among millions of Nigerians and made it possible for an average African to become shareholders in global companies. The number of users on the platform has more than doubled from around 200,000 in 2021 to almost 500,000 in 2022.

Founded in 2020 by Yanmo Omorogbe and Richmond Bassey, Bamboo’s estimated annual revenue is currently pegged at $7.4 million. The company partners with DriveWealth LLC, a pioneer in global digital trading technology based in the United States; Lambeth Capital, a Nigerian stockbroking firm officially registered with the Securities and Exchange Commission (SEC); and Flutterwave, one of Africa’s leading payment systems, to ensure the safety of the capital of investors using the platform.

The startup raised $15 million in January 2022 and another $17.4 million in March 2022 and experienced an employment growth rate of 68 per cent. In September, the startup announced its official launch in Ghana. Yanmo Omoregbe graduated from the Imperial College of London and studied Chemical Engineering.

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The conference, being organized in partnership with the Enugu SME Center, the Enugu State Government’s SME development agency, will hold on Wednesday, February 15th and Thursday, February 16th, 2023.

The Head, SME Banking at Wema Bank, Arthur Nkemeh, said that the two-day conference, which will cover key areas of business management, such as strategy and innovation, digital transformation, sales and marketing, and financial management, will upskill business owners and managers and boost the capacity and growth of SMEs in Enugu.

“The Enugu Business Growth and Innovation Conference is intended to bridge the knowledge gap that exists in the SMEs space. It will equip attendees with best-in-class knowledge and skills in business management. The capacity building program will be delivered by world-class facilitators who are subject matter experts in various aspects of business management, in keeping to our position as the leading bank in the SME Advisory space in Nigeria.”

He noted that, being the leading bank in the SME banking segment in Nigeria, Wema Ban has been a champion of the growth of the SME sector in the country through its various financial and non-financial (business advisory) services for SMEs.

“As a champion of the growth of the SME sector in Nigeria, Wema Bank has put in place many initiatives that will drive the growth of the sector in the country. We not only have low-cost banking products that speak to the needs of SMEs, but we also ensure that the managers and promoters of these businesses are equipped with top-notch knowledge and skills that will ensure that their businesses thrive in any given situation they find themselves.”

Arthur called on owners and managers of small and medium-scale enterprises in and around Enugu to avail themselves of the opportunity that this conference presents to build their capacity and ensure that their businesses growth potentials are achieved.

“The needs of the SMEs in Nigeria are enormous and range from access to capital to talent acquisition and retention, to management operation and so on. These needs, as diverse as they are, could be better and more effectively addressed through adequate capacity building.

This is why it is imperative that SMEs owners and managers, especially those in and around Enugu, endeavour to participate in the Conference to learn new strategies that they can use to grow their businesses,” he concluded.

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This was disclosed last weekend in Lagos by the Chief Executive Officer of WeForGood, Ms. Temitayo Ade-Peters, during the 2022 Sustainable Solutions Africa Project Conference to mark the United Nations’ World Youth Skills Day with the theme “Promoting Eco-Focused Solutions Africa’s Pathway to Sustainable Growth.”

Ade-Peters said: “In the past three years, through our fellowship programme, we have directly supported close to 60 African startups with training and coaching and facilitated over $250,000 to promote sustainable solutions on the continent.

“We’ve reached about 1,400 youths and entrepreneurs exploring skills for impact to further scale their reach. The start-ups we support run for-profit and not-for-profit businesses addressing one or more areas of the SDGs.”

She said that the conference was focused on innovative solutions that addressed SDG-focused environmental challenges and to provide strategies that would help youths to harness and maximise their skills and talents in response to the increasing call for climate actions, adding that “every young person here will leave this conference well inspired to embrace and explore opportunities to build a sustainable Africa.”

She said that enterprises that qualified for funding from the organisation must be economically viable and have eco-solutions projects that would enhance environmental sustainability. 

She also said that “through the support of IHS Nigeria, we have opportunity for young people to get up to N3 million to support their individual projects” that could be used to create sustainable solutions to solve Africa’s problems. 

The Senior Special Assistant to the President on Sustainable Development Goals (SDGs), HE, Mrs. Adejoke Orelope-Adefulire, in her special remark during the conference said that the participation of youth in the advocacy for a real shift is essential in order to combat climate change. 

Orelepe-Adefulire said: “Government, private sector and civil society must all look towards young people, as we aim to strengthen both formal and informal education on climate change and viable lifestyles. In addition, sustainable production and consumption patterns must be promoted and supported by the youth as environmental champions in their local communities.”

She added that “we are partnering with UNDP to launch six SDG Innovation Hubs across the country which will prioritise the engagement of young people as catalysts for innovative technical, technological and business solutions to help us accelerate the achievement of the SDGs.”

A panelist during the conference, who is also a Human Resources Consultant, Mrs. Sandra Iheanacho, said that education is very essential to produce young Nigerian entrepreneurs that would become job creators.

Iheanacho said: “To take care of tomorrow we have to prepare by taking care of the education of our youths that are capable to create jobs.”

The Chief Executive Officer of The Illuminator’s Academy, Ms. Yejide Aina, who was among the panelists during the conference, said that Nigerian youths need quality educational curriculum that would equip them with innovative and entrepreneurial capacity to create economic opportunities in the country’s economy. 

Another panelist who is the Head, Startups, Lagos Innovates LSETF, Ms. Ireayo Oladunjoye, tasked young entrepreneurs to acquire skills that would imbue them with leadership skills to influence their environment.

The Director, Corporate Excellence and Programme Management at IHS Nigeria, Ms. Oluwatoyin Aralepo, advised the young entrepreneurs to base their entrepreneurial development on three leadership ladders of personal vision, higher standard and influence.

Aralepo said: “Leadership has to be strategic and patient to be able to carry all members of the team along to achieve the group’s objectives.”

Apart from the intellectual discussions that gave participants a rich time of learning and networking opportunities, the conference, anchored by the delectable Woli Arole, also featured other side attractions such as entertainment, quizzes and raffle draws with amazing gifts such as laptops, home gadgets among others won by attendees.

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At the end of the maiden edition of the initiative, three of the fifteen contestants came tops and were presented cheques of Five Hundred Thousand Naira each at a ceremony held at AMCON head office in Abuja. The Corps members who emerged victorious include Joanna Jewel Adamu (FC/21A/1265), Umar Aliyu Gosta (FC/21A/1251) and Abdulsamad Saidu Usman (FC/21A/1046) whose business proposals centered on online art and fashion business; poultry production; and technological innovation respectively.

AMCON Managing Director and Chief Executive Officer Mr Ahmed Lawan Kuru while addressing the participants at the ceremony noted the high rate of graduate unemployment, and the need for stakeholders to work towards steering the mindset of the youths from that of seeking white collar jobs to that of entrepreneurial engagement must be encouraged by institutions both private and public.

Kuru who extoled the empowerment programmes of the Federal Government, practically started a campaign for the incorporation of functional entrepreneurship training into the nation’s education curriculum. According to him, AMCON initiated the entrepreneurship programme for Corps members in appreciation of the invaluable contributions of NYSC to national development.

The AMCON boss said the intervention began with the conduct of Entrepreneurship training for the Corps Members with some members of Staff of AMCON volunteering as resource persons. The Managing Director explained that the introduction of the business plan contest was aimed at providing funds to enable the winners actualise their business dreams and, in the process, contribute to the economic development of the country.

He further stated that aside the winners, many of the other competitors came up with excellent business ideas, adding that the latter group will also be supported with some token. He did not state what that token will be. He expressed determination not only to sustain the programme, but also increase the number of winners in subsequent editions. Kuru used the occasion to assure of AMCON’s readiness to go into broader partnership with NYSC in the area of entrepreneurship and empowerment.

In his address, the NYSC Director-General, Brigadier General Shuaibu Ibrahim, said the Scheme had been assiduous in the implementation of its Skill Acquisition and Entrepreneurship Development programme (SAED), adding that many ex-trainees of the programme were now owners of flourishing businesses. He said Corps members had enormous potentials for self-employment, but added that the challenge was always that of access to fund to actualise their business plans.

The Director-General said this informed the proposal for the establishment of NYSC Trust Fund, which would not only make the SAED training more functional, but also serve as sustainable source of funding for the Corps entrepreneurs.

On that note, the NYSC boss thanked AMCON management for joining the league of partners that are supporting NYSC in the empowerment of Corps members and assured that the scheme would effectively partner the agency for the continued success of the new initiative. He also assured that the scheme would strictly monitor the beneficiaries of the programme and provide feedback to AMCON on their business progress. The Director-General congratulated the winners of the competition and enjoined them to make judicious utilisation of the funds given to them.

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He said  the financing gap for MSMEs in Nigeria is estimated to be about N617.3 billion annually pre-Covid-19 pandemic.

Speaking at the Finance Correspondents Association of Nigeria (FICAN) 2021 Annual Conference and 30th Anniversary Celebration, he said the economy is on a recovery path following the roll-out of the Covid-19 vaccines, reopening of economies globally, as well as the implementation of the various stimulus packages by the fiscal and monetary authorities. 

In his keynote address read by CBN Director, Corporate Communications, Osita Nwanisobi,  themed “Financing Infrastructure & SMEs for inclusive growth in the post-COVID-19 economy”, Emefiele said the National Bureau of Statistics, showed that Nigeria’s Gross Domestic Product (GDP) grew by 5.01 per cent in the second quarter of 2021, with the non-oil sector growing by 6.74 per cent, compared with the oil sector which contracted by -12.65 per cent. 

He noted that the economic growth was driven by enterprises in agriculture, energy (electricity, gas and steam), road transportation, telecommunications and trade.

According to Emefiele,  infrastructure deficit and poor credit access to Micro Small and Medium Enterprises (MSMEs’) remain major setback for MSMEs. 

He said  financing gap for MSMEs in Nigeria is estimated to be about N617.3 billion annually pre-Covid-19 pandemic, as less than five per cent of these businesses have access to adequate finance to support their working capital and business expansion needs (PwC).

“While MSMEs have been recognized to play a critical role in supporting the growth of the Nigerian economy; poor access to finance, particularly credit; and lack of quality infrastructure, such as electricity and access to market, continue to pose significant constraint to the growth of MSMEs in Nigeria. Thus, weak and inadequate infrastructure, as well as poor flow of credit to businesses impact severely on economic growth, as well as human development,” he said.

He disclosed that in realization of the importance of access to finance and infrastructure to economic growth and development, the CBN has taken steps beyond its traditional macroeconomic mandates of ensuring price and financial system stability, as well as maintaining a strong external reserve. 

To this end, the bank introduced several development finance policies and programmes to improve access to credit for MSMEs, deepen the Bank’s support to the real sector, support job creation, and build a robust payment system infrastructure to help drive financial inclusion.

Emefiele said that infrastructure deficit continues to hinder economic growth and development in sub-Saharan Africa (SSA). Beyond economic growth, infrastructure impacts the quality of life of the people and the growth of the business sector. The deficit, estimated to be around $31 billion a year, continues to hinder productivity, increases the costs of doing business and isolating markets. 

The CBN boss stated that bridging the infrastructure gap, therefore, as a means of overcoming the region’s economic and developmental challenges cannot be over-emphasized. “While governments in the sub-Saharan Africa continue to make progress in closing the deficit over the past decade, the continent still lags the rest of the world in coverage of key infrastructure classes, comprising the ICT, energy, roads and rail, transportation, water, and sanitation,” he said.

The CBN boss said Nigeria’s infrastructure deficit remains a major constraint to economic development and attainment of growth average rate of at least five  to seven per cent required to boost productivity and sustainable growth for businesses. According to the World Development Indicators (2019), 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.

While infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about US$100 billion annually to address the nation’s infrastructural deficit.

He said the MSMEs sector has also emerged as a significant source of growth, innovation and job creation is the micro, small and medium enterprises (MSMEs). According to the World Bank, this sector represents an estimated 90 per cent of businesses and employs over 50 per cent of world’s labour force. In fact, formal MSMEs have been identified to contribute about 40 per cent of GDP in emerging economies, of which Nigeria is one (PwC).

“Lack of access to quality infrastructure has been a limiting factor to MSMEs in developing countries delivering on their potential for growth and creating employment. Beyond infrastructure, access to finance remains one of the biggest threats to MSME development in both developed and developing economies alike, with serious implications for productivity, economic development, and job creation. 

“Access to credit has been identified as a critical enabler for the growth and development of MSMEs, as the overall credit gap for MSMEs in developing countries is estimated to be US$5.2 trillion, representing 19 per cent of these countries’ cumulative GDP (IFC). Of this, the unmet financing demand from MSMEs in sub-Saharan Africa is about $331 billion, representing 18 per cent of the potential demand for credit by MSMEs in the region.

Other constraints to MSME development in Nigeria, as noted in the survey, included difficulty in finding customers, infrastructure deficit, insufficient cashflows, multiple taxation, regulatory burden, and sub-optimal implementation of the provisions of the MSME policy.

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The virtual event featured several industry experts including Samuel Agbevem, Partner and West African Sector Lead, Climate Change and Sustainability Services, Ernst and Young, and Oludare Oloyede, Manager, Group Physical Security at Stanbic IBTC.

Speaking on the principles of sustainability, Agbevem said, “Sustainability is the creation of financial and economic value as well as long-term environmental and social value for a wide range of stakeholders, with consideration for the needs of future generations. It is a holistic approach that reflects ecological, social and economic dimensions, all of which must be well thought out to find lasting prosperity.”

According to him, the implementation of sustainability programmes by businesses will have lasting positive effects on the economy. “Companies or businesses can reuse, recycle and reduce resources like paper, adopt energy-efficient appliances and energy-efficient practices to reduce energy consumption, and implement occupational health and safety procedures in the workplace,” Agbevem stated. He also provided a framework that the vendors can use to incorporate sustainability into their businesses. 

Addressing the issues of occupational health and safety as they relate to business sustainability, Oloyede stated that the health and safety of workers are important to the current and future success of any organisation. He said: “Effective management of environmental and social risks is another pillar in building a sustainable business model. Successfully managing these risks can be achieved by developing policies focused on waste generation and disposal, developing and implementing health and safety procedures applicable to business operations, and implementing labour policies aligned to national laws so that people are not overworked.”

Speaking on the rationale behind the event, Omolola Fashesin, Head of Sustainability at Stanbic IBTC said: “The webinar was organised for Stanbic IBTC vendors to promote sustainability awareness and adoption of sustainability frameworks across the organisation’s supply chain. This is in line with one of the priority areas of the Stanbic IBTC Sustainability Framework – Sustainable Procurement. As a sustainability-driven organisation, Stanbic IBTC believes that a sustainable supply chain further advances the organisation’s intent to achieve positive Social, Environmental and Economic impact in the society.”

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