Fidelity Bank Plc has called on Small and Medium-sized Enterprises (SMEs) in Lagos State to embrace digital solutions, strengthen financial management and adopt structured business practices to improve competitiveness and achieve sustainable growth.
The call was made at the bank’s third SME Quarterly Business Forum, held recently in Lagos, with the theme, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
The forum brought together entrepreneurs, business owners, industry experts and representatives of the Nigeria Revenue Service (NRS) to explore practical ways of strengthening SMEs through digital innovation, financial management, trade financing and tax compliance.
Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr Jude Monye, who represented the Executive Director, Lagos and South-West, Dr Ken Opara, described Lagos as a vibrant commercial hub offering significant opportunities for business growth despite prevailing economic challenges.
Monye said entrepreneurs must contend with rising operating costs, stiff competition, changing consumer preferences, infrastructure challenges and limited working capital.
He, however, stressed that building a competitive business requires more than ambition, urging entrepreneurs to prioritise reliable products, consistent service delivery, proper record-keeping, cost management, inventory control and a thorough understanding of customers’ needs.
“There are challenges, but that is why we are here, to see how we can guide you, support you and make sure that you bring your dreams to fruition,” he said.
Monye also highlighted the importance of technology in improving business operations and decision-making, noting that digital tools could help entrepreneurs monitor sales, inventory, expenses and profitability more effectively.
He advised business owners to maintain accurate financial records and separate personal expenses from business finances, describing the practices as essential to long-term sustainability and access to financing. He reaffirmed Fidelity Bank’s commitment to supporting SMEs through innovative banking solutions, capacity-building initiatives and access to capital.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs Ugochi Osinigwe, described SMEs as the backbone of Nigeria’s economy, noting that the forum provides a platform for knowledge-sharing, networking and business development.
Osinigwe said the bank remained committed to helping entrepreneurs build, expand and transform their businesses into profitable and sustainable enterprises through innovation, digital transformation, financing solutions, advisory services and strategic partnerships.
She encouraged participants from trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to take advantage of the bank’s offerings to strengthen their operations and explore new growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr Ibrahim Olalere, urged business owners to prioritise tax compliance and effective record-keeping to build sustainable enterprises.
He said understanding tax obligations and maintaining accurate financial records would help SMEs operate efficiently and avoid unnecessary compliance challenges.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr Oshiokpelua Osiga, commended Fidelity Bank for organising the forum, noting that sustainable business growth required more than having a good product.
Osiga said entrepreneurs needed access to relevant information, financing and business networks to expand their operations, adding that the forum offered opportunities to exchange experiences and identify practical solutions to business challenges.
Now in its third edition, the Fidelity Bank SME Quarterly Business Forum forms part of the bank’s broader commitment to equipping entrepreneurs with the knowledge, tools and resources needed to build sustainable businesses and contribute to Nigeria’s economic development.
Fidelity Bank Plc serves more than 10 million customers through digital banking channels and its 255 business offices in Nigeria, alongside its United Kingdom subsidiary, FidBank UK Limited.
The bank has received several local and international recognitions, including the 2025 Development Bank of Nigeria Innovation Award for MSME support, Best Retail and SME Bank Award from Independent Newspapers, and Best Bank for Export and Trade Finance at the 2025 BusinessDay Banks and Financial Institutions Awards.
