By Adebola Muili
Fidelity Bank Plc has urged small and medium-scale enterprises (SMEs) to embrace digital technology, strengthen financial management and maintain proper business records to improve competitiveness and achieve sustainable growth.
The call was made at the bank’s third SME Quarterly Business Forum in Lagos, themed, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
Speaking at the forum, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr. Jude Monye, who represented the Executive Director, Lagos and South-West, Dr. Ken Opara, said businesses must adopt structured operations and sound management practices to survive rising costs and stiff competition.
Monye identified increasing operating expenses, changing consumer preferences, infrastructure limitations and working capital constraints as some of the challenges facing businesses in Lagos.
He said entrepreneurs must look beyond ambition by providing reliable products and consistent services, maintaining accurate records, controlling costs and understanding customers’ needs.
“Yes, there are challenges, but that is why we are here, to see how we can guide you, support you and make sure that you bring your dreams to fruition,” he said.
He stressed that digital tools could help business owners monitor sales, inventory, expenses and profitability, enabling them to make informed decisions and improve operational efficiency.
“A business owner who understands the true position of the business is better equipped to make the right decisions,” Monye said.
He also emphasised the need for entrepreneurs to separate personal finances from business funds, noting that proper financial records and disciplined financial management were essential for long-term sustainability and access to financing.
Monye reaffirmed the bank’s commitment to supporting SMEs through innovative banking solutions, capacity-building initiatives and access to capital.
The Divisional Head, SME Banking, Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described SMEs as the backbone of the Nigerian economy, saying the forum provided a platform for knowledge sharing, networking and business development.
She said the bank was committed to helping entrepreneurs build and transform their businesses into profitable and sustainable enterprises through innovation and digital transformation.
Osinigwe urged entrepreneurs in trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to leverage the bank’s financing solutions, advisory services and strategic partnerships to strengthen their operations and explore new growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, urged business owners to prioritise tax compliance and accurate financial record-keeping.
He said understanding tax obligations and maintaining proper records would help SMEs operate efficiently and avoid unnecessary compliance challenges.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, said sustainable business growth required more than a good product, stressing the importance of access to information, financing and business networks.
He commended Fidelity Bank for providing a platform where entrepreneurs could exchange experiences, acquire relevant knowledge and identify practical solutions to business challenges.
The SME Quarterly Business Forum is part of Fidelity Bank’s efforts to equip entrepreneurs with the knowledge, tools and resources needed to build sustainable businesses and contribute to Nigeria’s economic development.
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