By Juliet Umeh 

Group Managing Director of Nestoil Group, Dr. Ernest Azudialu-Obiejesi, has urged regulators, financial institutions, and SMEs to collaborate on solutions that empower entrepreneurs to contribute to national economic growth.

He emphasised that building a strong SME sector requires government support through business-friendly policies. He noted that financial institutions also play a key role by avoiding high interest rates and heavy collateral demands, which can hinder small businesses from growing.

Speaking as Chairman at the Chartered Institute of Directors’ Annual Young Directors Forum in Lagos, themed “Empowering SMEs: Addressing the Funding Deficit,” Azudialu-Obiejesi highlighted the need to support SMEs in overcoming financial challenges.

He emphasised the conference theme’s importance for economic growth, noting that SMEs make up over 90% of Nigerian businesses and create jobs for many. However, limited access to funding restricts their growth, preventing the economy from reaching its full potential.

He highlighted that funding challenges not only hinder individual SMEs but also limit national economic potential, reducing job creation and weakening entrepreneurial resilience. Comparing this to Nestoil’s journey, he shared how the company overcame early funding limitations and institutional scepticism to become a key player in the oil and gas sector, thanks to resilience, innovation, and strategic funding.

To empower SMEs, he calls for the creation of more inclusive financial ecosystems, added to financial literacy initiatives, mentorship programmes, establishing SME Funds, and public-private collaborations. 

The President and Chairman of the Governing Council of the CIoD, Alhaji Tijjani M. Borodo calls for mentorship, stating that successful entrepreneurs should mentor young business leaders by offering them insights on how they mitigate funding challenges and other business issues.