The Lagos State Governor, Babajide Sanwolu, has commended Fidelity Bank for its innovative SME Hub initiative. The Governor, represented by the Secretary to the State Government, Barrister Abimbola Salu-Hundeyin, made the remarks during the official launch of the Fidelity SME Hub on Tuesday in Lagos.
Governor Sanwolu emphasized that the initiative is more than just traditional banking services. According to him, it is a major step toward fostering economic growth and entrepreneurship not only in Lagos but across Nigeria.
“This is banking at its best, meeting the needs of its customers at the grassroots level, it goes beyond deposits and loans, offering opportunities for empowerment and entrepreneurship, especially for women and youth, particularly in the technology sector.
“The SME hub is more than a business support center. It’s a launchpad for dreams, a space where ideas are nurtured, collaborations are formed, and success stories will be written.” He added.
The event saw industry leaders, corporate executives, and government dignitaries come together to celebrate the launch of the initiative, which aims to empower the youth and women of Lagos by providing them with valuable resources for business growth as the SME hub offers opportunities for employment and entrepreneurship, especially within the technology sector, which will contribute significantly to Nigeria’s economy.
Fidelity Bank’s Role in Empowering SMEs
It will be recalled that Fidelity Bank’s commitment to supporting SMEs was recently recognized with several awards, including the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Award for Fastest Growing MSME & Entrepreneurship Financing Bank of the Year.
Additionally, the bank was named the Best SME Bank in Nigeria in 2022 and 2023, further solidifying its leadership in export finance and SME development.
Meanwhile, Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, while addressing guests at the event reaffirmed the bank’s commitment to supporting SMEs across Nigeria. She highlighted the its position as a leader in export finance and its dedication to creating a thriving ecosystem for SMEs through the launch of the Fidelity SME Hub.
“The SME Hub is designed to offer a range of services that will help SMEs scale their businesses, These include business mentorship, capacity-building workshops, co-working spaces, networking opportunities, and access to essential resources.
“We have also created the ‘Creativeverse’ studio, which will support the creative economy with facilities such as training halls, meeting rooms, and content production studios.”
The Creativeverse studio is one of the standout features of the hub, providing free resources for young entrepreneurs in the creative sector, ensuring they have the tools they need to reach their full potential.
“This is a haven for budding SMEs in the creative world,” Dr. Onyeali-Ikpe said, noting that this sector, though largely untapped, has the potential to double its contribution to Nigeria’s GDP with the right investment and support.” Dr. Onyeali-Ikpe explained.
The SME Hub is also expected to provide entrepreneurs with networking opportunities, access to industry experts, and hands-on mentorship to guide them through the challenges of scaling their businesses.
Amid Nigeria’s ongoing economic challenges, the launch of the Fidelity SME Hub is being hailed as a landmark event with the potential to transform the landscape for SMEs across the nation.
Observers believe that if this initiative is replicated in other states, it could significantly impact both SMEs and MSMEs, equipping them with the essential tools, resources, and networks to thrive in today’s competitive global economy. When businesses succeed, economies grow, and this hub is poised to play a pivotal role in driving that success.
