Union Bank, BusinessDay, take SME campaign to Port Harcourt

Union Bank plc and BusinessDay Media Limited have carried their campaign for growth of the Small and Medium Enterprises (SMEs) sector to Port Harcourt, headquarters of the South-South economic belt.

The event, which took place Wednesday, July 15, 2015, saw Union Bank explaining its new surge of interest in the SMEs sector of the Nigerian economy, saying it had found that “the SME is the engine of the economy of any nation in the world today, and wants to help in nurturing its growth.”

In Nigeria today, this sector employs the largest number of persons, and the greatest number of people paying taxes is from this sector, the bank said. Moreover, the largest customer-base in almost every bank is from this sector, consequently, Union Bank would do what is possible to ensure that this sector continued to thrive and dominate the economy.

Rabiu Tata, head of SMEs Banking, Union Bank, spoke exclusively to BusinessDay immediately after the one-day seminar on “SME Market Access 2015” jointly put together by BusinessDay newspaper and Union Bank.

The seminar attracted many entrepreneurs from the state who expressed satisfaction after the event, describing it as well packaged.

Rabiu advised that if the country wanted to develop, first of all the SME sector should be developed because 80 percent of the businesses in Nigeria were in this sector.

According to him, “Union Bank believes that wealth creation process in an economy is what is going to create employment for the multitude of Nigerians that are looking for job, and by developing this sector, it is a way we can increase our money and generate employment and service the economy.”

Benwari Tarinyu, who represented Wider Perspectives Limited, a management consulting firm, also said that a larger percentage of the business class in Nigeria was in this sector, which also had employed more Nigerians than any other sector of the economy.

Consequently, government has focused on this sector, providing more support to ensure the growth of SMEs even as Wider Perspectives has been deeply involved in the growth of this sector by providing information to enable the players access funds.

Benwari, who spoke on “Creating Effective Market Access to SMEs in the country,” said about 98 percent of businesses in Nigeria were SMEs, providing about 65 percent of employment.

“They are crucial in developing the economy,” he said.

However, in discussing “Creating Effective Market Access,” he made the participants to understand the following market access, how to identify with relevant associations, how an entrepreneur should be ready to learn, the products services to meet the needs of the market, early stage and mentorship, capacity building for SME’s market linkages, and networking, etc.

In his conclusion, he advised that an entrepreneur must be on top of his business, delivering value at all times.

BusinessDay and Union Bank have taken the SME Market Access concept to major cities in the South South and South East for the first time.

Amadi Ihieukwumere, manager, Conference Division of BusinessDay, explained the reason for the event in the East, saying the concept had penetrated the Lagos and Western region of Nigeria, helping to boost SME growth.

SABY ELEMBA, Port Harcourt