Nigerian Journal Sustainability Research

FirstBank, Kemi Adeosun Partner to Support SME Growth Through Access to Finance

2026-06-26

FirstBank has partnered with former Minister of Finance Kemi Adeosun to strengthen support for small and medium-sized enterprises (SMEs) by equipping business owners with the knowledge and practical tools needed to access finance and grow their businesses.

The collaboration, announced through FirstBank's SMEConnect initiative, underscores the growing recognition that many Nigerian SMEs require more than funding alone. Business owners also need financial literacy, strategic planning, and a better understanding of what lenders and investors look for when evaluating businesses.

The partnership comes at a time when access to finance remains one of the biggest challenges facing SMEs in Nigeria, despite the sector's significant contribution to employment and economic development.

FirstBank's SMEConnect Initiative

The partnership is being delivered through SMEConnect, FirstBank's capacity-building platform for entrepreneurs and small business owners.

The 2026 edition of the webinar is themed "Funding Your Growth: How SMEs Can Access Finance and Scale Faster." It is designed to help entrepreneurs understand the requirements for securing financing while providing practical insights into building sustainable businesses.

The event brings together experienced professionals from banking, development finance, and entrepreneurship to discuss strategies for overcoming financing barriers and accelerating business growth.

Kemi Adeosun's Role

Kemi Adeosun, Nigeria's former Minister of Finance and Convener of DashMe Foundation and NIDACITY, delivered the keynote address during the programme.

Drawing from her experience in economic policy and entrepreneurship development, Adeosun emphasized that access to funding begins with building businesses that are financially disciplined, transparent, and investment-ready.

She encouraged entrepreneurs to focus on sound record-keeping, proper financial management, and long-term planning, noting that these qualities improve their chances of securing financing from banks and investors.

Why Access to Finance Remains a Challenge

Although SMEs account for a substantial portion of Nigeria's business landscape, many continue to struggle with obtaining formal financing.

Common obstacles include:

  • Poor financial records.
  • Lack of adequate collateral.
  • Limited credit history.
  • Weak business planning.
  • Insufficient knowledge of available financing options.

Financial institutions often require businesses to demonstrate their ability to repay loans through reliable financial statements, cash flow projections, and proper corporate governance.

Initiatives such as SMEConnect seek to bridge this knowledge gap by helping entrepreneurs become more bankable.

FirstBank's Commitment to SMEs

Supporting SMEs is not a new strategy for FirstBank.

Over the years, the bank has developed a range of products and services specifically targeted at small businesses, including:

  • Working capital financing.
  • Equipment finance.
  • Contract and invoice financing.
  • Import and export financing.
  • Business advisory services.
  • Capacity-building programmes.
  • Digital banking solutions for SMEs.

Beyond lending, the bank has increasingly focused on providing non-financial support through training programmes, webinars, and networking opportunities that help entrepreneurs strengthen their businesses.

Insights from Industry Experts

The webinar also featured contributions from experts in commercial banking and development finance, including representatives from FirstBank and the Bank of Industry.

Discussions centered on practical ways SMEs can:

  • Improve their financial management.
  • Meet lending requirements.
  • Leverage digital tools.
  • Build sustainable business models.
  • Access government and private-sector financing opportunities.

According to FirstBank, the objective is not merely to provide loans but to equip entrepreneurs with the knowledge required to manage financing effectively and achieve long-term growth.

Why SMEs Matter to Nigeria's Economy

Small and medium-sized enterprises play a vital role in Nigeria's economy.

They contribute to:

  • Job creation.
  • Local manufacturing.
  • Innovation.
  • Financial inclusion.
  • Economic diversification.
  • Poverty reduction.

However, many promising businesses fail to expand because they cannot obtain the capital required for growth. Improving financial literacy alongside access to finance can help address this challenge.

Programmes such as SMEConnect aim to ensure that entrepreneurs not only secure funding but also develop the skills needed to use it effectively.

Practical Lessons for Entrepreneurs

Business owners seeking external financing can improve their chances by:

  • Keeping accurate financial records.
  • Registering their businesses with relevant authorities.
  • Developing realistic business plans.
  • Maintaining good banking relationships.
  • Understanding different financing options.
  • Demonstrating consistent cash flow and profitability.

These steps help build confidence among lenders and investors while positioning businesses for sustainable expansion.

Looking Ahead

The partnership between FirstBank and Kemi Adeosun reflects a broader effort to strengthen Nigeria's entrepreneurial ecosystem by combining financial education with access to funding opportunities.

As more financial institutions adopt similar capacity-building initiatives, SMEs may become better equipped to overcome financing constraints, improve operational efficiency, and contribute more significantly to national economic growth.

Conclusion

FirstBank's collaboration with Kemi Adeosun highlights the importance of combining finance with knowledge. While access to capital remains a major challenge for many Nigerian SMEs, business owners who understand financial management, maintain proper records, and develop sound growth strategies are better positioned to secure funding.

Through the SMEConnect platform, FirstBank continues to reinforce its commitment to supporting entrepreneurs not only with banking products but also with the education and practical guidance needed to build resilient and successful businesses.

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