SME Sector Boosts Economic Growth

Fidelity Bank Plc has stressed the importance of the Small and Medium Enterprises to the economy, saying it is the engine that drives economic growth.

The Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, was quoted in a statement by the bank as saying this at the Lagos Chamber of Commerce and Industry Awards ceremony where the bank was named the Small and Medium Enterprise Bank of the Year 2015.

Okonkwo, who was represented by the Executive Director, Shared Services, Fidelity Bank, Chijioke Ugochukwu, explained that SMEs were the engine room of the economy, hence the focus of the bank to develop the sector.

Explaining that the award highlighted the lender’s role in SMEs sector, Okonkwo pledged that the bank would remain committed to the development of the sector.

According to him, the bank’s role in the sector was in line with the Federal government’s goal of boosting economic development through the SMEs.

Okonkwo, who commended the LCCI for establishing the award said, “This award is a testament to the bank’s efforts at raising a new generation of entrepreneurs through the deployment of tailored, low cost products and services which is in line with government’s objectives of reviving the economy.

According to the organisers, the lender came out on top in all the measuring parameters after a rigorous process involving competing SME focused banks.

The President, LCCI, Mr. Remi Bello, was quoted as saying that the LCCI Commerce and Industry Awards ceremony was meant to celebrate and recognise corporate organisations that had distinguished themselves and made economic impact notwithstanding constraints they had to grapple with.

Bello expressed satisfaction that many companies were overcoming the many challenges they faced to impact the society positively.

He said, “It is assuring to observe that despite numerous constraints, businesses across all sectors have remained spirited and resilient. Today, we are celebrating excellence, best practices in corporate governance, value addition, corporate social responsibility and high standard of business and professional ethics.”

Bello, who stressed that the selection process was rigorous and painstaking added, “The business environment was replete with all manner of difficulties in the areas of infrastructure, policy, corruption, insecurity, weak institutions, among others.

“But in spite of all these, Nigeria entrepreneurs have remained undeterred. Investors that have remained resolute deserved to be celebrated. This is the context of this ceremony.”


Source: Punch Newspaper

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