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FirstBank Commits N1 Trillion to Support Nigerian SMEs by 2025
FirstBank, a leading Nigerian financial institution, has announced plans to invest over N1 trillion in Small and Medium Enterprises (SMEs) by 2025. This initiative aims to support business growth, create jobs, and strengthen Nigeria’s economy. (Punch Newspapers)
Why This Matters for SMEs in Nigeria
SMEs are vital to Nigeria’s economy, contributing approximately 48% to the GDP and employing over 80% of the population. (National Accord) However, many SMEs struggle with limited access to funding, which hinders their growth. FirstBank’s initiative seeks to address this issue by providing accessible and flexible financing solutions.
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Key Highlights of FirstBank’s N1 Trillion SME Fund
- Affordable Loans and Credit Facilities – Offering loans at competitive interest rates to help SMEs expand their operations.
- Business Growth Support – Providing mentorship, advisory services, and digital banking solutions to assist SMEs in scaling their businesses.
- Technology-Driven Lending – Implementing AI-driven risk assessment and digital tools to streamline the loan application process.
- Focus on Key Sectors – Prioritizing funding for businesses in agriculture, manufacturing, fintech, retail, and healthcare.
How to Apply for FirstBank’s SME Funding in 2025
SMEs interested in securing funding can apply through:
- FirstBank’s official website
- Dedicated SME banking branches nationwide
- FirstBank’s mobile and internet banking platforms
Conclusion
FirstBank’s commitment to investing over N1 trillion in SMEs by 2025 represents a significant boost for Nigeria’s business landscape. Entrepreneurs should prepare their business plans to leverage this opportunity for growth and expansion.
Source: FirstBank projects N1tn for SME funding in 2025 – Punch Newspapers
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