Governor Peter Mbah Urges Creation of Independent Financing Schemes to Boost SMEs in South East

Enugu State Governor, Peter Mbah, has advocated for the establishment of independent financing schemes for Small and Medium Enterprises (SMEs) outside the control of commercial banks, to promote fair competition and support regional economic growth.

Mbah made the call on Tuesday during a workshop on the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS), themed “Increasing Intra-Regional Trade Through ETLS”, held in Enugu.

Represented by his deputy, Mr. Ifeanyi Ossai, the governor stressed the importance of supporting local industries, noting the persistent challenges SMEs face in accessing credit facilities.

“We need a dedicated framework to support local industries and protect manufacturing in the region,” he said. “Banks should be compelled to assist businesses in the South East to ensure they can compete effectively with other ECOWAS countries.”

Mbah further highlighted the entrepreneurial strength of the South East, describing its people as industrious traders and innovators who form the backbone of Nigeria’s SME sector. He commended the workshop’s organisers for a timely initiative aimed at deepening regional integration and strengthening small businesses.

Speaking at the event, Ambassador Ojukwu underscored the crucial role of SMEs in Nigeria’s economy, describing them as the “engine room” that drives employment, innovation, and inclusive growth across the region.

“Strengthening SMEs is not just a local concern but a regional necessity,” she noted, urging stronger collaboration among governments, financial institutions, and the private sector.

Also speaking, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odega Jideonwo, described the workshop as a step in the right direction. “Many products made in our region do not reach other African markets. This engagement is necessary to change that,” he said.

Meanwhile, a recent report by Moniepoint Microfinance Bank on October 10, 2025, revealed that 42 percent of Nigeria’s small businesses cannot survive for a month without income, underscoring the fragile financial state of enterprises that employ a significant portion of the nation’s workforce.