The Central Bank of Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium Enterprises, recognizing the sector as a crucial driver of economic development and global recognition for Nigeria.
This was disclosed by the acting Director, Corporate Communications Department at CBN), Hakama Ali, on Sunday, during the CBN’s Special Day at the ongoing 36 Enugu International Trade Fair 2025.
In his address, Ali stated that this year’s fair theme, “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement & Global Recognition,” is timely and relevant, as it emphasizes the importance of value addition and linkages essential for supporting industrial growth and integrating Nigeria into the global industrial landscape.
He affirmed the bank’s commitment to addressing the challenges facing Nigeria’s economy, with a focus on stimulating productivity—particularly within the SMEs sector.
He emphasized that achieving impactful industrial development and global recognition rests on three key pillars: strong financial system fundamentals, a stable foreign exchange market, and effective collaboration between monetary and fiscal authorities.
“The bank’s efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times,” he said.
He asserted that the recent improvement is a result of comprehensive macroeconomic reforms, enhanced trade performance, and a resurgence of investor confidence in Nigeria’s economy.
“The CBN annually participates in the Enugu fair to raise awareness and sensitize teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition,” he noted.
