Nigeria’s small and medium-sized enterprises need more than access to finance to thrive, according to FCMB’s Senior Vice President and Divisional Head of Business Banking, George Ogbonnaya, who highlights infrastructure, skills and digital transformation as critical growth drivers, in this interview with OKECHUKWU NNODIM
Beyond financing, what additional support do Nigerian businesses need to scale sustainably?
Infrastructure remains one of the most significant challenges. Reliable electricity, efficient logistics networks, and strong digital infrastructure are critical for competitiveness. Energy is particularly important because of its direct impact on operating costs. This is one reason we have invested significantly in renewable energy financing. By helping businesses access alternative energy solutions, we can reduce costs and improve profitability.
Logistics is another major issue. The cost and complexity of moving goods within Africa remain significant barriers to trade and growth. Improving logistics infrastructure would have a substantial positive impact on businesses. Digital infrastructure is equally important. Technology has become a key driver of competitiveness, and businesses need affordable access to digital tools and services. Skills development is another area that requires attention. Entrepreneurs need management capabilities, leadership skills and specialised expertise to scale successfully. Many business owners begin as sole operators but eventually need to build systems, manage teams and implement growth strategies.
