Alakija Urges FG To Prevail On Banks' Stringent Conditions For SMEs

Folorunso Alakija, a Nigerian philanthropist and businesswoman, has encouraged the government to interfere in Nigerian banks’ strict conditions for SMEs so that small and medium enterprises can contribute to the economy 

According to a statement, Alakija who is one of Africa’s most influential women said this while featuring as a guest on CNN’s One World with Zain Asher, where she discussed the African economy and how Nigeria as Africa’s engine room could diversify its economy to the benefit of the growing population.

Alakija spoke on the need for the government to make banks in the country reduce their stringent requirements for SMEs considering the impacts of high inflation, high interest rate and unemployment on SMEs.

“The government has a big role to play; get banks to reduce the usually stringent requirements for SMEs, and interest rates need to be lowered.

“The government also needs to improve the quality of infrastructure; infrastructure is an area that is causing problems and it has negative impacts on SMEs in the country.”

Speaking on the foundation that was set up 13 years ago, she states, “We found many entrepreneurs among the widows.

"We give them money for their businesses and send their children to school up to the university level by way of scholarship.”