Nigeria’s future economic growth hinges on sustained development of over 17million micro, small and medium enterprises, MSMEs that are spread across Nigeria. MSMEs account for 45 percent of Nigeria’s GDP, employs over 66 percent labour; while only 10 percent of SMEs accessed bank credit, compared to countries as Brazil 63 percent, Ghana 36 percent, China 30 percent, Kenya 24 percent and South Africa 21 percent.
Fidelity Bank Plc seemed positively inclined to take the lead in charting new pathway to financially empower the MSMEs. For this noble cause, the bank was recently awarded “SME Friendly Bank of the Year 2017, in recognition of it efforts to raise new generation of entrepreneurs in the country through the micro, small and medium enterprises, MSMEs. Nigerian’s Lagos Chamber of Commerce & Industry, LCCI, conferred the award on Fidelity Bank.
Lagos Chamber of Commerce & Industry, LCCI, has, as one of its core mandate, trade promotions, business and policy advocacy. Annually, LCCI gives recognition to deserving corporate organizations, public institutions and individuals that contributed meaningfully to the development of commerce and industry in different sectors of Nigerian economy.
The award was received by Charles Aigbe, Divisional Head, Brand & Communications, on behalf of Nnamdi Okonkwo, Managing Director & Chief Executive Officer, Fidelity Bank Plc. Aigbe said the award was evidence of the Bank’s efforts at promoting small enterprises in the country.
His words: “Medium and Small Enterprises are the engine room of any economy thus creating a dedicated SME Banking Division that ensures that we focus on providing solutions to their challenges through a multifaceted approach”.
He said Fidelity Bank Plc would remain committed to drive economic growth by supporting the development of MSMEs in Nigeria.