Nigeria’s small and medium-sized businesses are facing a difficult balancing act: keeping operations running amid rising costs while finding enough capital, technology and expertise to grow.

Micro, small and medium-sized enterprises (MSMEs) account for 96.9 per cent of businesses in Nigeria, 87.9 per cent of employment, 46.32 per cent of gross domestic product and 6.21 per cent of exports, according to figures from the National Bureau of Statistics and SMEDAN cited in PwC Nigeria’s 2024 MSME Survey.

Their performance therefore has implications well beyond individual business owners, affecting jobs, household incomes, consumer prices and the wider economy.

But for many entrepreneurs, access to finance is only one part of the problem.

Why access to finance is not enough

The PwC survey, which covered 557 businesses across 13 sectors and 29 states, identified access to finance, unreliable electricity and multiple taxation among major obstacles to business growth.

It also found that 69 per cent of surveyed businesses had not received government grants in the previous 24 months.

For businesses already dealing with higher input costs, exchange-rate pressures, fuel expenses and weaker consumer purchasing power, the cost of running a business can consume funds that would otherwise be used for expansion.

The challenge is particularly significant for smaller businesses that may have limited financial records, inconsistent cash flows or little collateral.

This means the relationship between an SME and its bank increasingly goes beyond whether a loan is available.

Business owners also need affordable transactions, appropriate financing, digital tools, financial management support and access to markets.

What businesses should expect from their banks

For an entrepreneur, the cost of everyday banking can become significant when a business processes large volumes of transactions.

Fidelity Bank says its SME strategy is designed around a combination of banking services, financing, advisory support, capacity building and market access.

One of its products, the Fidelity Premium Business Account (FPBA), is structured around different transaction levels.

Under FPBA Variant 1, customers are required to maintain a minimum opening and operating balance of ₦100,000. The bank says eligible customers can access up to ₦300 million in monthly debit turnover without account maintenance charges, subject to the product’s conditions.

The bank said the ₦300 million threshold represents an increase from the ₦100 million limit contained in earlier product documentation, with the revised threshold communicated by its SME Product Development Division in April 2025.

FPBA Variant 2 requires an operating balance of ₦1 million and, according to the bank, has no monthly debit turnover cap.

Account maintenance charges can apply when customers fall below the prescribed operating balance or operate an overdraft facility.

The accounts also provide access to electronic banking, financing options and business advisory services, according to Fidelity.

For SMEs, the practical consideration is whether such products reduce the cost of managing cash while leaving more working capital available for inventory, salaries, equipment and expansion.

The digital gap can affect access to credit

Another challenge confronting smaller businesses is the quality of their financial records.

Informal bookkeeping can make it difficult for entrepreneurs to demonstrate revenue, expenses, inventory levels and cash flow when seeking financing.

Digital tools can help businesses organise this information while giving owners a clearer picture of how their enterprises are performing.

Fidelity Bank launched its Fidelity SME Empowerment Programme in July 2025, targeting 100 growth-ready SMEs.

The programme provided selected businesses with ERPRev-enabled point-of-sale systems and other support tools, including receipt printers, barcode scanners, inventory data support, bookkeeping training and branding assistance.

The initiative also included six months of post-installation monitoring, masterclasses and networking opportunities, according to the bank.

Such interventions are relevant because better records can help businesses make more informed decisions and potentially present a clearer financial picture when seeking appropriate funding.

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From banking to business support

For many entrepreneurs, however, financial literacy, pricing, marketing and access to professional networks can be just as important as access to capital.

Fidelity Bank operates the Fidelity SME Hub in Gbagada, Lagos, which provides training facilities, meeting spaces, networking opportunities, advisory support and creative facilities, according to the bank.

The bank also runs programmes including its SME Masterclass Series, Fidelity SME Forum and Quarterly Business Forum.

These platforms focus on areas such as financial management, pricing, product quality, online sales, business visibility, trade and preparation for international markets.

Fidelity also says eligible customers can receive opportunities to feature on its Fidelity SME Radio Programme, subject to its selection arrangements.

The broader question for business owners is whether such support produces measurable improvements in business performance rather than simply increasing access to financial products.

Recognition for SME lending

Fidelity Bank’s SME activities have also attracted industry recognition.

The bank says it received the Development Bank of Nigeria Service Ambassadors Award in 2026 for having the highest impact on MSMEs accessing credit for the first time.

It also received a Development Bank of Nigeria Innovation Award in 2025 for its contribution to financial products and services for MSMEs, according to the bank.

Such awards provide recognition of the bank’s activities, but the broader challenge remains whether financial institutions can translate their SME programmes into sustained improvements in business survival, productivity and employment.

What SMEs should consider before choosing a bank

The difficult operating environment means entrepreneurs may need to assess financial institutions on more than interest rates or the availability of loans.

Businesses should consider transaction costs, minimum balance requirements, financing terms, repayment schedules, digital banking capabilities and the quality of advisory support available to them.

The type of business also matters.

A retailer requiring regular inventory financing may have different needs from a manufacturer purchasing equipment, while a school expanding its facilities may require a different repayment structure from a service company opening another location.

The right financial arrangement should therefore reflect the business’s cash-flow cycle rather than simply the amount of money being offered.

The bigger economic picture

No bank can resolve the structural problems facing Nigerian businesses on its own.

Reliable electricity, improved infrastructure, predictable regulation, efficient logistics and stable economic policies remain important to the long-term survival of MSMEs.

Financial institutions can nevertheless play a significant role by lowering transaction costs, providing appropriate financing, supporting digital adoption and connecting entrepreneurs with knowledge and markets.

For Nigeria, the stakes are high.

With MSMEs accounting for a substantial share of businesses, employment and economic activity, improving their ability to survive and scale could have a direct effect on jobs, household incomes and economic growth.

The emerging question is therefore not simply whether Nigerian SMEs can access finance, but whether the financial partnerships available to them can help turn limited capital into sustainable businesses.

The Nigeria Customs Service (NCS) says it has intercepted 56 containers carrying prohibited goods with a combined duty-paid value of N5.53 billion at the Port Harcourt II Area Command in Onne, Rivers State.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed the seizure on Tuesday, 15 September 2026, saying the operation was part of efforts to protect Nigerian farmers, manufacturers and other local businesses from prohibited imports and false declarations.

The seized consignments comprised 45 20-foot containers of foreign vegetable oil, nine 40-foot containers of used clothing and two 20-foot containers of Channy tomato paste, according to the NCS.

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Customs links imports to pressure on local producers

Adeniyi said the interceptions were the result of intelligence-driven and risk-based operations targeting consignments considered prohibited, restricted or improperly declared.

“The intervention formed part of intelligence-driven and risk-based operations aimed at preventing prohibited, restricted and improperly declared consignments from entering the Nigerian market, thereby crippling the overall productivity of our local businesses.”

The Customs chief argued that unchecked imports of products that can be produced or processed locally could put additional pressure on domestic producers by exposing them to competition and reducing demand for locally made goods.

“The economic impact is especially significant in the agricultural and manufacturing sectors,” he said.

“Large-scale importation of products that Nigeria can produce or process may undermine the Federal Government’s efforts to promote local industries, strengthen food security, create jobs, and diversify the economy.”

What was seized?

The NCS said the intercepted containers contained:

– 45 20-foot containers of foreign vegetable oil

– Nine 40-foot containers of used clothing

– Two 20-foot containers of Channy tomato paste

The combined duty-paid value of the consignments was put at N5.53 billion by the Customs Service.

The seizure comes as the government continues to promote domestic production and policies aimed at increasing the consumption of goods made or processed in Nigeria.

Customs says legitimate trade will continue

Adeniyi said Customs enforcement was not intended to prevent legitimate businesses from importing goods.

He said the Service’s risk-based approach was designed to allow compliant cargo to move while subjecting high-risk consignments to additional scrutiny.

“The Service’s risk-based approach enabled it to facilitate legitimate cargo while directing enhanced scrutiny towards consignments considered high-risk.”

He also advised importers to confirm whether their intended goods are admissible before beginning transactions.

Importers, he said, should make accurate declarations covering the description, quantity, value, origin and classification of their goods.

Customs commends Onne officers

Adeniyi commended the Customs Area Controller, Comptroller Aliyu Alkali, and officers of the Port Harcourt II Area Command for the interceptions.

The NCS said the enforcement action was consistent with the Federal Government’s wider economic objectives, particularly efforts to encourage made-in-Nigeria products.

The latest seizure also highlights the continuing role of Customs in regulating imports while balancing enforcement with the facilitation of legitimate trade.

Organisers of the EKO International Trade Expo 2026 have concluded a two-day roadshow across major parts of Lagos Mainland as part of efforts to create awareness about the upcoming trade exhibition and encourage participation from businesses and the public.

The campaign, organised by Momentum Trading Enterprises (MTE), took the Expo message directly to commercial centres and residential communities ahead of the five-day event scheduled to hold later this month in Ikeja.

According to the organisers, the roadshow was designed to inform residents, entrepreneurs, small and medium-sized enterprises (SMEs), manufacturers and other stakeholders about opportunities available through the Expo.

On the first day, the campaign began at Costain and moved through Iponri, Alaka, Surulere, Ojuelegba, Yaba, Maryland, Ojota, Ketu, Mile 12, Ikosi and Magodo.

The second day started from the Expo venue at Testing Ground, Obafemi Awolowo Way, Alausa, Ikeja, before covering Ikeja Underbridge, Ogba, Agege, Iyana Dopemu, Berger, Fagba, Ojodu, Oregun and Alausa.

Officials of Momentum Trading Enterprises and members of the Larry Kay Events team engaged residents and business owners along the routes, sharing information about the event and how interested participants can register.

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Expo to Focus on Trade and Innovation

The EKO International Trade Expo 2026 is expected to bring together businesses, entrepreneurs, manufacturers, investors, professionals, consumers and public-sector stakeholders on one platform for trade, networking and business engagement.

The Expo is themed “Driving Inclusive Growth and Investment Opportunities through Trade and Innovation.”

Organisers said the event would provide opportunities for exhibitors to showcase products and services, connect with potential customers, build partnerships and explore new markets.

Members of the public are also expected to interact with exhibitors, discover new products and services, and participate in activities planned during the event.

Public entry to the Expo will be free, according to the organisers.

Event Details

The EKO International Trade Expo 2026 will hold from Tuesday, September 22 to Saturday, September 26, 2026, at Testing Ground, Obafemi Awolowo Way, Alausa, Ikeja, Lagos.

Organisers said the roadshow formed part of wider efforts to deepen awareness of the event and encourage participation from communities and businesses across Lagos.

They added that government institutions, private-sector organisations and development stakeholders are expected to participate in the Expo.