Stanbic IBTC collaborates with Abia State to boost development of small and medium-sized enterprises

Stanbic IBTC Bank has underscored its dedication to bolstering the growth of Micro, Small and Medium Enterprises across Nigeria, leveraging strategic collaborations with state governments and institutions to foster conducive business environments. This commitment was reaffirmed during the Nigeria Business Summit Regional Tour, held in partnership with the Abia State Government in Aba.

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The bank's event in Aba featured business enlightenment sessions, funding masterclasses, and capacity-building programs, all designed to empower entrepreneurs, and was attended by key stakeholders, including the Commissioner for Industry and SMEs, Mazi Michael Enyinnaya Akpara.

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Mazi Michael Enyinnaya Akpara emphasized the Abia State Government's resolve to create a competitive enterprise ecosystem through policy reforms and strategic initiatives, highlighting the development of a comprehensive MSME Policy and a statewide MSME Directory to enhance business visibility and access to investment opportunities.

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The Commissioner also announced plans for the National Brands Development and Made-in-Nigeria Project, dubbed Abia Expo 2026, aimed at showcasing Nigerian businesses, promoting locally manufactured products, and positioning Abia as a hub for quality local production.

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According to Mazi Michael Enyinnaya Akpara, Abia State is intentionally cultivating an ecosystem that enables businesses to launch, grow, compete, and access markets, both domestically and internationally, with the State MSME Policy, MSME Directory, and National Brands Development and Made-in-Nigeria Project laying the groundwork for sustainable enterprise growth.

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He acknowledged that partnerships with organizations like Stanbic IBTC are vital to achieving this vision, as government alone cannot build a thriving MSME ecosystem, underscoring the importance of collaboration to drive business growth.

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Chuma Nwokocha, Chief Executive of Stanbic IBTC Holdings, noted that businesses require access to capital, intelligence, and platforms that connect them to wider markets in order to scale, emphasizing the need for a supportive ecosystem.

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Nwokocha outlined Stanbic IBTC's strategy to accelerate MSME graduation through value chain finance, structured lending, and credit and advisory capabilities, with a focus on investing in sectors that will define Nigeria's next decade.

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Remy Osuagwu, Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, explained that the company is adopting a more deliberate, nationwide approach to supporting entrepreneurs by providing practical business support closer to where businesses operate.