Sekibo Seeks More Support For MSMES To Boost GDP

The Managing Director of Heritage Bank, Mr. Ifie Sekibo, has called for increased support for Micro, Small and Medium Scale Enterprises (SMEs) in order to catalyse the nation’s GDP growth rate.


The banker explained that for Nigeria to become a competitive country in terms of economic development globally, a lot of mileage needed to be covered in the SME subsector. Noting the improvement in the country’s GDP growth rate to 2.27 per cent in 2019 from 1.91 per cent in 2018, Sekibo said increasing support to MSMEs, given their dominant role in the economy would help to leapfrog Nigeria to double-digit GDP growth rate. Highlighting the importance of MSMEs contribution to the nation’s economy, he said: “Nigeria has 41.5 million MSMEs which contributed about 48 per cent of the GDP in the last five years. With about 17.4 million, MSMEs account for about 50 per cent of industrial jobs and nearly 90 per cent of the manufacturing sector in terms of the number of enterprises in the He said there were lots of opportunities for the country’s MSMEs in current financing and that Heritage Bank was taking the lead through various initiatives such as its youth entrepreneurship development programme which was aimed at increasing the contributions of the MSME segment to the economy.


He explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).


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Heritage Bank will increase wallet of business transactions with Lagos State Govt - George-Taylor
Akinola George-Taylor, Managing Director of Heritage Bank Plc, and his Team, paid courtesy visit yesterday to the Governor of Lagos, Babajide Olusola Sanwo-Olu, at the State House, Alausa yesterday.

The Managing Director of Heritage Bank, Akinola George-Taylor has disclosed that the bank would continue to increase the wallet of its business transactions with Lagos state government.  

He gave this assurance yesterday when he led a team of the bank on a courtesy visit to the Governor, Babajide Sanwo-Olu at the government house, Alausa, Ikeja.

George-Taylor commended Sanwo-Olu’s administration, whilst aligning with the great works in Lagos State.

“We are here to introduce ourselves as the new management of the Heritage Bank and being that we have had a relationship with the state (Lagos) for a number of years now, we felt it was necessary to come and present ourselves to the Governor; to say thanks for the business that we enjoyed with the government and that we align and commend the great work he is doing for Lagos State.

“And of course, as bankers, we want to try and increase our own size of the wallet of the business that we do with the government and to extend our best wishes to him and his government. It was a courtesy call to say thank you and wish him well in the next coming elections,” he said.

Speaking earlier, the Governor, Sanwo-Olu said his administration was poised to do more as it continued to play its roles in providing an enabling environment, improving the ease of doing business and being forward-looking in its dealings with financial institutions.

The governor also said that his administration will continue to ensure a mutually beneficial relationship with financial institutions in the State.

He said: “Lagos is the Centre of Excellence and the commercial, economic nerve centre, so we cannot but ensure that we have a very forward-looking mutually beneficial relationship with all of our financial institutions and of course, Heritage Bank is not an exception.

“I want to implore you and your team to be intentional and think something fresh; think something different that can indeed stimulate us. You can rest assured that we know how important it is to spread our businesses and to ensure that everybody gets a part of it knowing that you and your staff will also have a corporate responsibility on the Personal Income Tax component. It is expected that we will continue to play our roles and play our parts.”

Governor Sanwo-Olu congratulated the Managing Director and his new team on the huge and great responsibilities that shareholders and other stakeholders in Heritage Bank have reposed in them,” he said.