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Stakeholders have called for stronger collaboration among government agencies, financial institutions, development organisations, and the private sector to unlock the full growth potential of Nigeria’s micro, small, and medium enterprises (MSMEs)
The call was made during the maiden edition of LAPO SME Connect 1.0, organised by LAPO Microfinance Bank in collaboration with the Association of Small Business Owners of Nigeria (ASBON) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to commemorate the 2026 World MSME Day
The forum brought together entrepreneurs, policymakers, regulators, development partners, and business leaders to discuss practical solutions to the challenges limiting the growth of small businesses in Nigeria
Participants identified access to finance, business formalisation, digital transformation, capacity building, and strategic partnerships as key factors needed to strengthen the country’s MSME ecosystem and promote sustainable business growth
Speaking at the event, the Managing Director and Chief Executive Officer of LAPO Microfinance Bank, Cynthia Ikponmwosa, said financing alone is not enough to help businesses succeed, stressing that entrepreneurs also need knowledge, skills, mentorship, and access to opportunities
She noted that platforms such as SME Connect are designed to equip business owners with the rentribute to Nigeria’s economic development
The National President of the Association of Small Business Owners of Nigeria (ASBON), Dr. Olufemi Egbesola, also urged stronger partnerships between government, financial institutions, and the private sector to create a more enabling environment for MSMEs through supportive policies, improved access to finance, and enterprise development programmes
Representing SMEDAN, Tosin Abajo said collaboration remains essential to the growth of small businesses, adding that entrepreneurs require more than funding to succeed
According to him, business development support, formalisation, digital skills, market access, and continuous capacity building are equally important in helping MSMEs become more competitive and sustainable
He reaffirmed SMEDAN’s commitment to working with stakeholders to create an environment where small businesses can grow, innovate, and contribute more significantly to national economic development
The event featured panel discussions on business formalisation, access to finance, digital transformation, and business sustainability. Entrepreneurs also participated in an exhibition where they showcased their products, connected with potential customers and partners, and received business advisory support
LAPO Microfinance Bank said the SME Connect initiative reflects its ongoing commitment to promoting financial inclusion and supporting Nigerian MSMEs through innovative financial solutions, strategic partnerships, and enterprise development programmes
For MSMEs, the forum reinforces the growing importance of collaboration in overcoming business challenges. Beyond access to finance, partnerships that improve business knowledge, technology adoption, market access, and regulatory compliance are increasingly becoming critical to helping small businesses scale sustainably and compete effectively
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