Enugu State Governor, Peter Mbah, has urged the creation of independent financing schemes for Small and Medium Enterprises (SMEs) outside the control of commercial banks to promote fair competition and sustainable growth across the region.
Speaking at a workshop on the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS) held in Enugu on Tuesday, Mbah emphasised the need for stronger financial support for local industries struggling to access credit facilities. The event was themed “Increasingly Intra-Regional Trade Through ETLS.”
Represented by his deputy, Mr. Ifeanyi Ossai, the governor said, “We should set up a framework to assist local industries. We need to protect local manufacturing,” calling on the Federal Ministry of Foreign Affairs and financial institutions to back local producers.
He added that banks must be encouraged to support businesses in the South East to enable them to compete effectively with other ECOWAS countries.
“We ought to compel our banks to start assisting businesses in the South East. We must work to restructure so that we can compete with other ECOWAS countries.
“We know that we are traders, and if you talk about SMEs in Nigeria and the subregion, that is the South East Region, that is what we are known for, that is what we are trying to do with the best of our abilities. So, I want to thank you for this initiative,” he said.
Also speaking, the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu Ojukwu, stressed that the ETLS is essential to fostering regional integration and empowering small businesses.
“This initiative is timely, as it speaks directly to the urgent task before us, which is to deepen regional integration, expand cross-border trade, and empower our Small and Medium Enterprises (SMEs), to enable them to take their rightful place in the vast West African market,” she said.
She described SMEs as the “engine room” of Nigeria’s economy, contributing to job creation, innovation, and inclusive prosperity.
“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 added.
In his remarks, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odega Jideonwo, applauded the initiative, describing it as “a step in the right direction.”
“It is a step in the right direction. There are many goods produced in our place, but they don’t get from other African countries,” he said, expressing optimism for better trade access.
It will be recalled that on October 10, 2025, Moniepoint Microfinance Bank reported that 42 percent of Nigeria’s small businesses could not survive for a month without income, highlighting the fragile financial condition of enterprises that employ a large number of Nigerians.
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