The Central Bank of Nigeria (CBN) has restated its dedication to strengthening Small and Medium Enterprises (SMEs), which it describes as the backbone of the nation’s economic development. This declaration came during the CBN’s Special Day at the 36th Enugu International Trade Fair, where officials highlighted the critical role of industrialization and SME support in achieving global competitiveness.
Acting Director of Corporate Communications, Hakama Ali, emphasized that this year’s trade fair theme – “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement & Global Recognition” – aligns perfectly with the CBN’s strategic focus. “The theme speaks directly to the need for value addition and creating linkages that will bolster industrial activities,” Ali stated, underscoring the bank’s determination to address economic challenges hindering productivity, particularly in the SME sector.
Ali outlined three fundamental pillars for achieving industrial growth: maintaining strong financial systems fundamentals, ensuring foreign exchange market stability, and fostering close collaboration between monetary and fiscal authorities. “Our efforts in these areas are already yielding tangible results,” she noted, pointing to increased foreign direct investments, growing portfolio investments, and improved trade balances as evidence of Nigeria’s economic progress.
The CBN spokesperson attributed these positive developments to the government’s comprehensive macroeconomic reforms, enhanced trade performance, and restored investor confidence. She reaffirmed the bank’s annual participation in the Enugu fair serves as a strategic platform to educate stakeholders about CBN policies and programs designed to stimulate economic activities, promote financial inclusion, and position Nigeria for global recognition.
As Nigeria continues its economic transformation journey, the CBN’s sustained focus on SME development signals its recognition of small businesses as vital catalysts for job creation, innovation, and sustainable growth. The bank’s proactive stance suggests more policy interventions may be forthcoming to further empower this critical sector and integrate Nigerian enterprises into global value chains.
