The Senior Vice President of First City Monument Bank (FCMB) has said that small and medium-sized enterprises (SMEs) in Nigeria require more than just access to financing to thrive, stressing the need for stronger supporting infrastructure.

Speaking on the challenges facing the SME sector, the banking executive noted that while credit is important, businesses also struggle with poor infrastructure, unreliable power supply, and weak logistics systems.

He explained that these structural gaps often limit the ability of SMEs to scale operations, even when funding is available.

According to him, addressing issues such as transportation networks, energy supply, and digital infrastructure is critical to unlocking sustainable growth for small businesses.

The FCMB executive added that financial institutions are increasingly adopting a more holistic approach, combining lending with capacity-building and advisory services.

Stakeholders say SMEs remain a key driver of employment and economic growth in Nigeria, but continue to face systemic barriers beyond access to capital.

The remarks come amid ongoing discussions on how to improve the ease of doing business and strengthen the country’s entrepreneurial ecosystem.