Enugu State Governor, Dr. Peter Mbah, has called for the creation of dedicated financing schemes for Small and Medium Enterprises (SMEs) independent of commercial banks to promote fair competition and sustainable economic growth across the region.

 

Governor Mbah made the call during the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS) Workshop held in Enugu on Tuesday. The event was themed “Increasingly Intra-Regional Trade Through ETLS.”

 

Represented by his deputy, Mr. Ifeanyi Ossai, the governor emphasised the need for financial institutions and policymakers to prioritise support for local industries, noting the challenges faced by SMEs in accessing financial assistance.

 

> “We should set up a framework to assist local industries. We need to protect local manufacturing,” Mbah stated, urging the Federal Ministry of Foreign Affairs and financial institutions to strengthen their commitment to small businesses.

 

 

 

He further called for policies compelling banks to actively support enterprises in the South East to enhance competitiveness across ECOWAS member states.

 

> “We ought to compel our banks to start assisting businesses in the South East. We must work to restructure so that we can compete with other ECOWAS countries. We know that we are traders, and when you talk about SMEs in Nigeria and the subregion, that’s what we are known for,” he said.

 

 

 

The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, also addressed participants at the workshop. She described the ETLS initiative as timely and vital for deepening regional integration, expanding trade, and empowering SMEs to thrive within the West African market.

 

> “SMEs remain the engine room of our economy; they generate employment, stimulate innovation, and drive inclusive prosperity. Strengthening them is not merely a local concern but a regional imperative,” she noted.

 

 

 

In his remarks, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Mr. Odega Jideonwo, commended the organisers of the workshop, describing it as a step in the right direction toward improving cross-border trade.

 

> “There are many goods produced in our region, but they hardly reach other African countries. We hope this initiative will change that,” Jideonwo said.

 

 

 

The workshop brought together government officials, business leaders, and development partners to explore ways of leveraging the ECOWAS Trade Liberalisation Scheme for greater economic integration and SME development in the region.

 

It will be recalled that a recent report by Moniepoint Microfinance Bank revealed that 42 percent of Nigeria’s small businesses cannot survive for a month without income, underscoring the need for stronger financial support systems for SMEs across the country.