Enugu State Governor, Peter Mbah, has called for the establishment of dedicated financing schemes for Small and Medium Enterprises (SMEs) that operate independently of commercial banks to promote fair competition and regional economic growth.
Mbah made the call while speaking at a workshop on the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme, where he highlighted the critical role of SMEs in driving industrialisation and cross-border trade within the subregion.
The governor noted that many small businesses face significant barriers in accessing credit from traditional financial institutions due to high interest rates, stringent collateral requirements, and bureaucratic loan procedures.
“Our SMEs are the backbone of the economy, yet they are constrained by limited access to finance,” Mbah said.
“There is a pressing need to create alternative financing frameworks that operate outside the control of commercial banks to give these enterprises a fair chance to compete and grow.”
He stressed that such financing models, when properly structured, would stimulate innovation, enhance productivity, and strengthen local industries’ participation in regional trade.
Mbah also urged financial regulators and development partners to collaborate with state governments in designing flexible funding mechanisms that prioritise SMEs and promote inclusive economic growth.
He reaffirmed his administration’s commitment to supporting entrepreneurship and industrial development in Enugu State through policies that encourage investment, skills development, and access to markets.
The workshop, attended by government officials, business leaders, and representatives of regional trade organisations, focused on strategies to deepen economic integration and expand opportunities for SMEs under the ECOWAS Trade Liberalisation Scheme.
