By Ayomide Otitoju
Fidelity Bank Plc has urged small and medium-sized enterprises (SMEs) to adopt digital solutions, strengthen financial management practices and embrace structured business models to improve competitiveness and achieve sustainable growth.
The call was made at the third edition of the bank’s SME Quarterly Business Forum, held recently in Lagos under the theme, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
The forum brought together entrepreneurs, business owners, industry experts and representatives of the Nigeria Revenue Service (NRS) to discuss strategies for improving business performance through digital innovation, financial management, trade financing and regulatory compliance.
Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Jude Monye, who represented the Executive Director, Lagos and South-West, Ken Opara, said Lagos offered significant business opportunities despite rising operating costs, intense competition, infrastructure challenges and limited access to working capital.
He said entrepreneurs needed more than ambition to build competitive businesses, stressing the importance of reliable products, consistent service delivery, proper record-keeping, cost management, efficient inventory control and an understanding of customer needs.
“Building a competitive business in this environment requires more than ambition. It requires reliable products, consistent service, proper records, disciplined cost management, efficient inventory control and a deep understanding of customers,” Monye said.
He also highlighted the role of technology in improving business operations and decision-making, noting that digital tools could help entrepreneurs monitor sales, inventory, expenses and profitability.
According to him, business owners who maintain accurate financial records and separate personal expenses from business finances are better positioned to make informed decisions, achieve long-term sustainability and access financing.
Monye reaffirmed the bank’s commitment to supporting entrepreneurs through innovative banking solutions, capacity-building initiatives and access to capital.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Ugochi Osinigwe, described SMEs as a critical component of Nigeria’s economy and said the forum provided a platform for knowledge sharing, networking and business development.
She said the bank remained committed to helping entrepreneurs build, expand and transform their businesses into profitable and sustainable enterprises, adding that innovation and digital transformation were essential to remaining competitive.
Osinigwe encouraged businesses in trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to leverage the bank’s financing solutions, advisory services and strategic partnerships to improve their operations and explore new growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Ibrahim Olalere, emphasised the importance of tax compliance and accurate financial records in building sustainable enterprises.
He said understanding tax obligations and maintaining proper documentation would help SMEs operate efficiently and avoid compliance-related challenges.
The Managing Director and Chief Executive Officer of Emosh Foods, Oshiokpelua Osiga, commended Fidelity Bank for organising the forum, noting that sustainable business growth required access to information, financing and professional networks beyond having a good product.
He said the platform offered entrepreneurs opportunities to exchange experiences, learn practical business strategies and identify solutions to improve their competitiveness.
The SME Quarterly Business Forum is part of Fidelity Bank’s broader efforts to equip entrepreneurs with the knowledge, tools and resources needed to grow sustainable businesses and contribute to Nigeria’s economic development.
Fidelity Bank Plc serves more than 10 million customers through digital banking channels and 255 business offices in Nigeria, as well as its United Kingdom subsidiary, FidBank UK Limited.
The bank has received several local and international recognitions, including the 2025 Development Bank of Nigeria Innovation Award for MSME support, the Best Bank for Export and Trade Finance award at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards, and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
Other recognitions include the SME Bank of the Year award by NewsDirect, the Most Improved Commercial Bank of the Year award by Nairametrics and the Straight-Through Processing Excellence Award by Citi Group.
