CBN reaffirms support for SMEs driving economic growth

• Published On: 14 April 2025 at 19:31

The Central Bank of Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium Enterprises (SMEs), recognising the sector as a critical engine of economic development and worldwide recognition for Nigeria.

Hakama Ali, the acting Director of the CBN's Corporate Communications Department, made the announcement on Sunday during the CBN's Special Day at the 36th Enugu International Trade Fair 2025.

In his address, Ali stated that this year's fair theme, "Developing Nigeria's Industrial Sector/SMEs for Economic Advancement & Global Recognition," is timely and relevant because it emphasises the importance of value addition and linkages that are critical for supporting industrial growth and integrating Nigeria into the global industrial landscape.

He reaffirmed the bank's commitment to solving Nigeria's economic issues, with an emphasis on increasing productivity, particularly among SMEs.

He emphasised that successful industrial development and global recognition are dependent on three critical pillars: strong financial system foundations, a stable foreign currency market, and efficient communication between monetary and fiscal authorities.

"The bank's efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times," according to him.

He said that the current improvement is the consequence of comprehensive macroeconomic reforms, improved trade performance, and a renewed investor confidence in Nigeria's economy.

"The CBN annually participates in the Enugu fair to raise awareness and sensitise teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition," stated the minister.