The Central Bank of Nigeria has reaffirmed its commitment to supporting Small and Medium Enterprises, describing them as the engine of economic growth in the country.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, made this known through the Acting Director of the Bank’s Corporate Communications Department, Hakama Ali, during the CBN’s Special Day at the ongoing 36th Enugu International Trade Fair 2025.
In her address, Ali stated that the theme of this year’s fair, “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement & Global Recognition” is timely and relevant as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.
Ali noted that the current management of the bank is dedicated to correcting identified challenges of the Nigerian economy to stimulate productivity, particularly within the Small and Medium Enterprises (SMEs) which remained the engine of growth in any small economy.
The CBN Governor emphasized that meaningful industrial development capable of earning global recognition rests on three key pillars, including robust financial system fundamentals, foreign exchange market stability and strong collaboration between the 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”.Specifically, Nigeria recorded $6.83 billion balance of payments surplus at the end of 2024, which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.
“This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy,” he revealed.
Cardoso highlighted that the central bank’s annual participation in the Fair serves to raise awareness and engage stakeholders on its policies and programs, which are crucial for driving economic activity, promoting inclusiveness, and achieving global recognition.
In addition to supporting SMEs, Cardoso emphasized that the central bank believes strengthening domestic industries is essential to protect the local economy from adverse external shocks.He also added that the bank is closely overseeing the ongoing recapitalization of the banking sector to ensure the infusion of quality capital, as outlined in the framework.
