Speaking at the Nigerian Economic Summit Group's half-year forum, he revealed that about 7.2 million SMEs have closed, citing a ₦13tn financing gap compared to the government's limited ₦75bn intervention. He stressed the need for banks and stake…  | By Enitan Ajebukola Ajewumi on August 28, 2025 | Speaking at the Nigerian Economic Summit Group's half-year forum, he revealed that about 7.2 million SMEs have closed, citing a ₦13tn financing gap compared to the government's limited ₦75bn intervention. He stressed the need for banks and stakeholders to provide targeted support, alongside building SME capacity to access and manage loans. Egbesola also lamented that few small businesses have been able to scale into larger enterprises in the past decade, describing the system as broken. Read also, Manufacturers echoed similar struggles, with Flour Mills of Nigeria's CEO, Omoboyede Olusanya, noting that reforms have driven up costs, reduced consumer demand, and stalled expansion due to prohibitive interest rates. Analysts say while reforms like fuel deregulation and FX liberalisation were necessary, SMEs need urgent cushioning policies and financing structures to survive and grow. | | | |
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