Adeduntan said the path to the growth of Nigerian economy
lies in growing the SME sector, and that informed why First Bank has
deliberately provided robust support platforms for the critical SME sector.
Speaking during the plenary session at the 8th Ehingbeti/Lagos
Economic Summit on Tuesday, 16 February 2021, the First Bank CEO said;
“The path to the growth of Nigerian economy is by growing
the SME sector. SME is a very important aspect of what we do at FBN because of
its importance to the overall growth and development of the economy.”
Adeduntan disclosed that; “By March 2021 First Bank will be
127 years old, and is by far the oldest and largest bank in Nigeria.”
“The reason we continue to thrive and endure as an
institution is our support for businesses that are relevant to the overall
growth and development of the economy and the SMEs is a practical example. Our
portfolio of SME is quite sizeable, giving the history of the FirstBank and
Nigeria.”
Enumerating the bank’s support for the sector, he explained;
“At FirstBank, we have a dedicated portal called SME Connect
running for about 6 or 7 years through which we provide support for SMEs.”
“We offer advisory services to ensure we up their skills and
capabilities in either preparing basic accounts statements, choice of
technology, and supporting them to work through the system.”
“We have continuously refined the SME Connect platform to
conform with latest standards. For example, we updated it with relevant
adjustments to the new Company and Allied Matters Act CAMA Law.”
“In some practical terms, we provide term loans, overdraft
and all types of structured debt instrument to our SME Customers.”
Dr. Adeduntan further added that; “Very importantly, the
Central Bank of Nigeria (CBN) as part of its economic stimulant plan provides
more liquidity for banks to enable them lend more to SMEs. FirstBank is active
in that space, and so are other banks too.”
“The Bankers Committee which consists of CBN Governors and
CEOs of Banks also collectively decided and intervened on SME. We set up a fund
with 5% of Profit After Tax to create a pool of fund which is available for
funding SMEs.”
“We understand their importance in keeping the economy
growing to ensure we have a positive economy.”
“I am always inspired when I meet businesses that are now
relatively big or sizeable telling me how 20, 30, 40 years ago FBN helped in
supporting them to pick up from the ground” he concluded enthusiastically.”
The three-day summit held virtually from February 16-18
themed “For a Greater Lagos: Setting the Tone for the Next Decade”, with about
150 speakers, drawn from across the world speaking on various issues, including
Dr Ngozi Okonjo Iweala, the newly appointed Director-General of the World Trade
Organization, President Mohammad Buhari and Dr Akinwunmi Adesina, president,
African Development Bank (ADB).
The Ehingbeti Summit is a great recent tradition in Lagos
State which has served as the bedrock for developmental discourse, a platform
for engaging a wide range of stakeholders in the Lagos success story and an
invaluable tool for molding our growth over the past 20 years.
Jointly created by the private and public sector of Lagos
State, Ehingbeti is not merely a platform for discussions but also a veritable
tool for driving socio-economic and infrastructure development in the State.
The Summit aims to generate and implement tangible ideas and
innovations, many of which have been successfully executed by Lagos State to
the benefit of all.