Enugu State Governor, Peter Mbah, has called for dedicated financing schemes for Small and Medium Enterprises independent of commercial banks to ensure fair competition across the region.
Speaking at a workshop on the Economic Community of West African States Trade Liberalisation Scheme, Mbah emphasised the need for financial institutions to support local industries, citing difficulties faced by SMEs in accessing financial assistance.
The workshop held in Enugu on Tuesday was tagged “Increasingly Intra-Regional Trade Through ETLS”.
“We should set up a framework to assist local industries. We need to protect local manufacturing,” Mbah, represented by his deputy, Mr Ifeanyi Ossai, said, urging the Federal Ministry of Foreign Affairs and financial institutions to support local industries.
He added that banks should be compelled to assist businesses in the South East to grow, ensuring they can compete with other ECOWAS sub-regions.
“We ought to compel our banks to start assisting businesses in the South East. We must work to restructure so that we can compete with other ECOWAS countries.
“We know that we are traders, and if you talk about SMEs in Nigeria and the subregion, that is the South East Region, that is what we are known for, that is what we are trying to do with the best of our abilities. So, I want to thank you for this initiative,” he said.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu Ojukwu, also spoke at the workshop, highlighting the importance of the ETLS in deepening regional integration and empowering SMEs.
“This initiative is timely, as it speaks directly to the urgent task before us, which is to deepen regional integration, expand cross-border trade, and empower our Small and Medium Enterprises (SMEs), to enable them to take their rightful place in the vast West African market,” she stated.
Ambassador Ojukwu emphasised that SMEs are the engine room of Nigeria’s economy, generating employment, stimulating innovation, and driving inclusive prosperity.
“SMEs remain the engine room of our economy; they generate employment, stimulate innovation, and drive inclusive prosperity. Strengthening them is not merely a local concern but a regional imperative,” she said.
In his speech, President, Enugu Chamber of Commerce, Industry, Mines and Agriculture, Mr Odega Jideonwo, said the workshop is a step in the right direction.
“It is a step in the right direction. There are many goods produced in our place, but they don’t get from other African countries,” he said and wished that things would improve.
It can be recalled that PUNCH Online reports on October 10 2025, that Moniepoint Microfinance Bank revealed that 42 per cent of Nigeria’s small businesses cannot survive for a month without income. The bank said the report highlighted the fragile financial position of small businesses that employ a large share of Nigerians.
