By Emeka Anaeto

A Nigerian, Tilda Ndu Mmegwa, has emerged as 2025 winner of the prestigious UK Research and Innovation (UKRI) Impact Award, under the Coventry University Economic and Social Research Council-Impact Acceleration Account (ESRC-IAA) post graduate research.

The award was given for her PhD research
on: “Driving growth for SMEs via the use of sustainable Finance: the case of Nigeria”.
This award is a testament of Mmegwa’s efforts to advance sustainable finance in the SMEs sector in Nigeria for socioeconomic growth.

This reaffirms her keen drive for sustainability, innovation, competitiveness and inclusivity.
Commenting on the research work, the ESRC-IAA Panel of Experts stated: “This research has an extremely impressive list of beneficiaries and is remarkably ambitious in scope. This looks like a very worthy application with good potential for delivering real change”.

The research work which addresses the critical issues of sustainable growth, efficient resource utilization and job creation challenge nations, especially the developing and emerging economies, including Nigeria face.
Although Small and Medium Enterprises (SMEs) have the potential to contribute significantly to addressing these challenges, they face major hindrances including ease of doing business, unfavorable policies, informalities, and significant financing gap.
In addition the relevance of the research work is in the fact that traditional finance is expensive and short-term, and global shift to
sustainability has increased investors’ eco-consciousness, making them prefer
sustainable finance (SF) and sustainable businesses.

This research focused on SF for growth of Nigerian SMEs and, thus critically investigated how SF is leveraged in Nigeria for driving
sustainability and growth of SMEs.

Key focus was on the banks (supply-side) and the SF ecosystem, especially evaluating the factors that influence SF products design;
how products are deployed to SMEs; and thirdly, the impact of SF on SMEs and socioeconomic development.

The experts’ review noted that addressing SMEs’ finance gap will enable them to contribute to tackling the challenges faced by Nigerian entrepreneurs.

They also noted that resolving these challenges will position the country to achieve long-term sustainability, a key consideration for local and global investors, sustainable economic development, environmental protection, and social equity that reflect better access to education, healthcare, and good living standards.

According to them, financing SMEs for efficient resource utilization will lead to better governance and policy outcomes, maximize economic growth and improve competitiveness. Additionally, through job creation, SMEs will stimulate local economies, reduce unemployment and catalyse human capital development by upskilling and reskilling people in key areas especially the growing sustainable sectors such as technology, healthcare,
agriculture and renewable energy.

The research finds four categories of themes that constitute the SF ecosystem in
Nigeria which includes: “SF ecosystem functionality; SF distribution; SF sustainability; and the Gaps in SF practice.

Based on the findings the research created a new SF model for Nigeria SF ecosystem.
This model will aid the identified SF
ecosystem actors including the Banks other SF Suppliers, SMEs, Corporates with SMEs supply chain, SF Enablers and Ecosystem Stakeholders and SF Policymakers, in improving the SF ecosystem in Nigeria.

Key recommendation of the research work is digital transformation of the SF distribution (supply-side and demand-side) to address practice gaps, de-risk SMEs and
improve efficiency of SF ecosystem.

Leveraging the research result should enable Nigeria to achieve the needed transformation of the SMEs sector.

Also the research work requires that the SF ecosystem actors should come together and
leverage insights from the research results to co-create a solution that would enhance
sustainable finance ecosystem in Nigeria for improved sustainable practices, business
growth and socioeconomic development.
Additionally, the experts’ review notes that there is need to shift from the current policy direction that respond to SMEs’ finance gap by using government-funded grants, interventions funds, and concessional finance, to more comprehensive ecosystem-based policies that focus on catalyzing SF Enablers to support the banks in driving local SF for growth of SMEs.

Tilda Mmegwa is a Transformative Strategy & Sustainable Growth Expert; 2025 Award Winner: Research & Innovation Impact Award of the UK Research & Innovation (ESRC-IAA); Former Senior Special Assistant (SSA) to the President of Nigeria on Job Creation; a Commonwealth decorated Keynote Speaker/Presenter; a Chartered Accountant (ICAN, Nigeria and CPA/CMA Canada).