Experts that gathered at the 5th Annual MSME and Startup Summit 2025 have urged financial institutions and MDAs involved in policy formulation and implementation in the country to give adequate support to Micro, Small and Medium Enterprises (MSMEs) so as to invigorate small enterprises that are desirous of raising their level of productivity particularly now that Nigeria targets $1 trillion GDP by 2030.

The recommendations for MSMEs and startups were made at an event organised by the Economic Forum Series (EFS), as industry leaders emphasised the specific supports to include accessible and affordable credit facilities, advisory and advocacy services which MSMEs in the country hardly get, thereby limiting their ability to scale and contribute meaningfully to employment and income generation in Nigeria.

The summit was held last Friday May 30, at the Civic Centre, Victoria Island in Lagos and drew leading industry professionals and a host of MSMEs. Among the personalities at the summit included Deputy Managing Director, Access Bank Group, Chizoma Okoli; Country Manager and Area Business Head, West Africa, Mastercard, Folasade Femi-Lawal; Director General/CEO, Lagos Chamber of Commerce and Industry(LCCI), Chinyere Almona; Vice President, Business Development, Mastercard, Babatunde Okufi; National President, National Association of Small and Medium Enterprises (NASME), Abdulrashid Yerima; MD/CEO, Bank of Industry(BoI), Olasupo Olusi; MD/CEO, FairMoney Microfinance Bank, Henry Obiekae, and Senior Vice President, Moniepoint Inc., Ezekiel Sanni, among others.

Founded by Jude Ndu, the Economic Forum Series is Africa’s leading platform aligned with prestigious organisations such as the World Economic Forum through strategic partnerships and industry collaborations. EFS has successfully organised events that focused on areas such as agribusiness, MSMEs, banking, capital market, manufacturing, education, fintech, cybersecurity, energy, real estate, just to mention a few.

Focusing on how to harness the potential of digital finance for inclusive growth for MSMEs and startups in Nigeria, Ndu said the essence of the summit was to bring the players within the ecosystem together for proper networking and creating a platform where financial institutions would hear directly from MSMEs while expecting the valuable insights gathered to serve as major input in financial product designs for small businesses.

While welcoming participants to the event, Ndu said, “Informal MSMEs account for a significant portion of the Nigerian economy and despite playing critical roles in employment and income generation, these businesses often face barriers to scaling due to limited access to finance, markets, and technology.”

He therefore urged MSMEs and startups to leverage technology to address these challenges by fostering innovation, enhancing productivity, and creating value towards achieving more inclusive and sustainable growth.

With regard to technology, Access Bank, Bank of Industry, NASME and LCCI urged MSMEs to embrace formalisation and technologies as some of the facilities meant for small businesses in the country could be accessed through online and digital channels. Access Bank Group specifically advised MSMEs to have open bank accounts for their businesses as these will boost their credit history and credit worthiness.

Some MSMEs participated in Access Bank Group’s raffle draw at the summit. The MSME that came first won N500,000 while the runner-up won N300,000 grants respectively. The first MSME specialises in the production of handwash soaps and disinfectants from pineapple and orange wastes while the runner-up specialises in the production of biodegradable food packages from sugarcane. The panel selected these MSMEs as winners due to their sustainable and environmentally friendly business models.