By Aymide Otitoju
FirstBank has announced its commitment to disburse over N1 trillion in funding to support small and medium-sized enterprises (SMEs) across Nigeria in 2025.
The bank disclosed this at the SME Scale-Up event held in Lagos on Friday, themed ‘Scale Up Your Business, Soar High.’ The gathering brought together entrepreneurs from diverse sectors to explore strategies for business expansion.
FirstBank, recently named ‘Best SME Bank in Nigeria’ and ‘Best SME Bank in Africa’ at the 2025 Asian Banker Awards, reaffirmed its dedication to driving economic growth through SME empowerment.
Speaking at the event, the Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, underscored the pivotal role of SMEs in Nigeria’s economic development.
“SMEs are the backbone of any economy. You employ people, pay taxes, and sustain families. Large corporations remain important, but SMEs create direct employment opportunities, particularly for young graduates and small business owners,” Alebiosu stated.
He highlighted FirstBank’s track record in SME financing, emphasizing its commitment to continuous support.
“FirstBank is an SME champion, and we take pride in our role in supporting small businesses. We have consistently won awards for our efforts and will continue to integrate SMEs into the fabric of Nigeria’s economic success,” he said.
Speaking with The PUNCH, the Head of SME Banking at FirstBank, Abiodun Famuyiwa, reiterated the significant contribution of SMEs to Nigeria’s GDP and employment rate.
“SMEs account for about 48-49% of Nigeria’s GDP and employ approximately 80% of the population. Supporting them is critical for economic growth,” he noted.
Famuyiwa also highlighted the importance of providing non-financial support, such as business education, alongside funding.
“Beyond loans, we are equipping entrepreneurs with knowledge on how to sustain and expand their businesses. Many SMEs struggle with capital mismanagement, and we aim to help them operate as structured businesses rather than informal ventures,” he explained.
FirstBank disclosed that in 2024, it disbursed over N700 billion to SMEs, with N100 billion going to market traders alone. This year, the bank aims to surpass N1 trillion in SME funding across various sectors, including retail, education, and healthcare.
Famuyiwa added that many of the bank’s SME loans are non-collateralized and offered at highly competitive interest rates, ensuring accessibility for business owners.
With this financial commitment, FirstBank continues to position itself as a leading supporter of Nigeria’s small business sector, fostering growth and sustainability in the economy.
