FirstBank earmarks N1trn SME funding

FirstBank has announced its commitment to disbursing over N1 trillion in funding to support the growth of small and medium-scale enterprises (SMEs) across Nigeria in 2025

The bank made this declaration at the SME Scale Up event held in Lagos, which gathered entrepreneurs from various sectors under the theme, “Scale Up Your Business, Soar High.”

Addressing the participants, Olusegun Alebiosu, the Managing Director and Chief Executive Officer of FirstBank, emphasized the pivotal role SMEs play in driving economic growth and employment in Nigeria.

“Whatever you do impacts the ecosystem. You pay salaries, you employ people, you support your families, and you pay taxes,” Alebiosu said. “SMEs are the real drivers of the economy—while big businesses remain, it is SMEs that employ fresh graduates and create opportunities. By empowering SMEs, we are strengthening the Nigerian economy.”

Alebiosu reaffirmed FirstBank’s commitment to championing SMEs, noting that the bank’s long-standing dedication to supporting small businesses has earned it several industry awards.

“At FirstBank, we are woven into the fabric of society, and we will continue to support SMEs as part of our core mission,” he added.

SMEs: Key Contributors to Nigeria’s Economy
Abiodun Famuyiwa, Head of SME Banking at FirstBank, echoed similar sentiments, highlighting the significant contribution of SMEs to Nigeria’s Gross Domestic Product (GDP) and employment landscape.

“SMEs contribute approximately 48 to 49 percent of Nigeria’s GDP and account for about 80 percent of employment,” Famuyiwa said. “Our SME Scale Up initiative is designed to provide not just funding but also the education and resources needed to help business owners scale their enterprises effectively.”

He revealed that FirstBank is the largest financier of SMEs in Nigeria, with substantial disbursements to support small businesses across various sectors.

“Last year alone, we disbursed over N700 billion to SMEs. For market men and women, we provided N100 billion, and for traders, between N74 billion and N80 billion. This year, we plan to exceed N1 trillion in SME funding,” Famuyiwa said.

Accessible and Affordable Financing for SMEs
Famuyiwa emphasized that many of FirstBank’s SME loans are non-collateralized, offering businesses easier access to funding. He also pointed out that the bank offers highly competitive interest rates to ease the financial burden on small businesses.

“The SME space is open, and we view SMEs as partners. Our goal is to see their businesses grow, and we will continue to provide the resources and support needed to achieve that,” he concluded.