By Omodele Adigun
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has pledged to increase the apex bank’s development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs).
Emefiele stated this Monday in Lagos while delivering the 51st Convocation Lecture of the University of Lagos. He noted that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.
Speaking on the theme: “National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century,” he stressed that special consideration should be given to strengthening physical and ICT infrastructure to enable SMEs perform more efficiently and become globally competitive. He highlighted the critical role of vibrant and growing SMEs to the growth of the economy and the creation of jobs for Nigerian youths. He lamented that the potential of SMEs in enhancing economic growth was hampered by limited access to finance, inadequate infrastructure and poor digital penetration. The CBN boss enjoined the government and the private sector to provide more support in addressing the challenges of SMEs in the country. Specifically, as users of new technology, he urged that policies should incentivise the adoption of innovations that will improve SMEs competitiveness and productivity. He also tasked all relevant stakeholders to deepen reforms that will improve human capital development through skills enhancement and proper linkage of research to the SME sector. Citing examples of other climes that have continued to harness the benefits of the knowledge economy to accelerate economic growth, through the contributions of SMEs. He then charged tertiary institutions to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets.