Nigerian Exchange Limited (NGX) and Bank of Industry (BOI) have intensified efforts to deepen access to small and medium enterprise (SME) financing through a strategic engagement held in Kano.
The financing drive for SMEs in Kano is aimed at bridging funding gaps and integrating businesses into Nigeria’s capital market ecosystem.
Kano Workshop Targets SME Growth
The initiative was delivered through a high-level workshop themed around unlocking growth opportunities for SMEs using the capital market.
According to stakeholders:
- Kano was selected due to its strong commercial heritage
- The region holds vast untapped entrepreneurial potential
- SMEs in Northern Nigeria require structured financing pathways
The programme builds on earlier engagements, signaling a sustained national rollout.
NGX and BOI Bridging the SME Financing Gap
Nigeria’s SME sector continues to face significant challenges in accessing long-term funding.
To address this, NGX and BOI are:
- Providing insights into capital market financing options
- Supporting SMEs to become investment-ready
- Offering guidance on governance and compliance structures
The initiative is part of broader efforts to close Nigeria’s estimated SME financing gap and unlock growth opportunities.
Capital Market as an Alternative Funding Source
Experts at the workshop emphasized that the capital market offers a viable alternative to traditional bank loans.
Key opportunities highlighted include:
- Listing on the NGX Growth Board
- Access to long-term equity financing
- Increased visibility to investors
Participants were guided on how structured financing can support sustainable business expansion.
Capacity Building and Investment Readiness
A major focus of the programme was equipping SMEs with the skills needed to access funding.
Sessions covered:
- Corporate governance standards
- Financial reporting and transparency
- Long-term growth strategies
BOI reaffirmed its role in supporting SMEs that may not yet meet listing requirements by providing preparatory support and financing solutions.
BOI and NGX Strengthening Nigeria’s SME Ecosystem
Stakeholders noted that SMEs remain central to Nigeria’s economic development, contributing significantly to employment and GDP.
The collaboration between NGX and BOI is expected to:
- Improve access to structured financing
- Encourage the formalisation of businesses
- Promote sustainable enterprise growth
BOI and NGX Expanding Financing Access Across Regions
The Kano workshop follows a similar engagement previously held in Lagos, indicating a broader national strategy to expand SME financing access across regions.
This phased approach is designed to:
- Reach underserved business communities
- Promote inclusive economic growth
- Strengthen regional participation in capital markets
Conclusion
The NGX and BOI SME financing drive in Kano marks a significant step toward improving access to capital for Nigerian businesses.
By combining financial education, market access, and institutional support, the initiative is poised to empower SMEs, drive economic growth, and strengthen Nigeria’s position as a hub for enterprise development.
