Governor Peter Mbah of Enugu State has urged the creation of dedicated financing schemes for Small and Medium Enterprises (SMEs) that operate independently of commercial banks, saying such measures are vital to ensure fair competition and industrial growth across the South East and the wider ECOWAS region.
Mbah made the call during a workshop on the ECOWAS Trade Liberalisation Scheme (ETLS), held in Enugu on Tuesday under the theme “Increasing Intra-Regional Trade Through ETLS.”
Represented by his deputy, Mr. Ifeanyi Ossai, the governor emphasised that most SMEs in the region struggle to access financial support due to rigid banking requirements and high interest rates.
“We should set up a framework to assist local industries. We need to protect local manufacturing,” Mbah said.
“Our banks must be compelled to assist businesses in the South East to grow. We must restructure the financial landscape so we can compete effectively with other ECOWAS sub-regions.”
He noted that the South East has long been recognised as Nigeria’s hub for commerce and small-scale entrepreneurship, stressing that empowering the sector would strengthen both local and regional economies.
“If you talk about SMEs in Nigeria and the sub-region, you’re talking about the South East. That is what we are known for,” he added.
Ojukwu: ETLS Key to Regional Integration and SME Empowerment
Also speaking at the event, Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, described the workshop as a timely intervention to advance economic cooperation and SME development within West Africa.
“This initiative is timely, as it speaks directly to the urgent task before us — deepening regional integration, expanding cross-border trade, and empowering SMEs to take their rightful place in the West African market,” she said.
Ojukwu reiterated that SMEs form the backbone of Nigeria’s economy, driving innovation, job creation, and inclusive prosperity.
“SMEs remain the engine room of our economy. Strengthening them is not just a local concern but a regional imperative,” she noted.
Private Sector Endorses Call for Reform
The President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odega Jideonwo, welcomed the initiative, describing it as “a step in the right direction” toward expanding market access for locally produced goods.
“There are many goods produced in our region that never reach other African countries. We hope this will change,” he said.
Background: Nigerian SMEs Still Financially Fragile
Recent data underscores the urgency of Mbah’s call. According to a Moniepoint Microfinance Bank report published by Emmynet24 news media on October 10, 2025, about 42 per cent of Nigeria’s small businesses cannot survive for more than a month without income — highlighting the precarious state of many SMEs that employ a large share of Nigerians.
Experts say reforms such as SME-focused credit schemes, reduced loan barriers, and enhanced regional trade access could help stabilize small enterprises and sustain economic growth across the country.
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