𝐄𝐧𝐮𝐠𝐮 𝐠𝐨𝐯𝐞𝐫𝐧𝐨𝐫 𝐬𝐞𝐞𝐤𝐬 𝐒𝐌𝐄 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐭𝐨 𝐝𝐫𝐢𝐯𝐞 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐠𝐫𝐨𝐰𝐭𝐡

Enugu State Governor, Peter Mbah, has urged the creation of dedicated financing schemes for Small and Medium Enterprises (SMEs) outside the traditional banking system, to promote fair competition and economic expansion across the South East.

Speaking at a workshop on the ECOWAS Trade Liberalisation Scheme (ETLS) held in Enugu on Tuesday, Mbah — represented by his deputy, Mr Ifeanyi Ossai — stressed the need for a financial framework that supports local industries struggling to access loans from commercial banks.

“We should set up a framework to assist local industries. We need to protect local manufacturing,” he said, calling on the Federal Ministry of Foreign Affairs and financial institutions to actively back indigenous businesses.

Mbah added that banks should be compelled to support enterprises in the South East to help them compete effectively with others across ECOWAS sub-regions.

Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu Ojukwu, who also spoke at the event, described the ETLS initiative as crucial for boosting regional integration, cross-border trade, and SME empowerment.

“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 stated.

The President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Mr Odega Jideonwo, praised the workshop as “a step in the right direction,” noting that many local products still struggle to reach other African markets.

A recent Moniepoint Microfinance Bank report revealed that 42 per cent of Nigeria’s small businesses cannot survive beyond one month without income — highlighting the urgent need for stronger financial support for the SME sector.