ProvidusUnity Bank, a Nigerian financial institution, has reaffirmed its commitment to empowering small and medium-sized enterprises (SMEs) and driving national economic expansion. The bank partnered with BusinessDay Media on the second edition of the Go Local Summit, themed “From Market Power to Market Systems.” The event brought together manufacturers, corporate leaders, policymakers, and industry stakeholders to discuss strategies for bolstering domestic production and establishing sustainable commercial enterprises.
The summit featured exhibitions highlighting locally manufactured goods and interactive panel sessions focused on the future of Nigerian enterprise. Ernest Elue, Head of Strategy at ProvidusUnity Bank, emphasized the need for business owners to transition from founder-dependent operations to system-driven structures. This transition is crucial for achieving long-term viability and operational scalability. Elue stressed the importance of building financial structures that ensure corporate governance.
Elue noted that sustainable enterprise expansion requires funding frameworks that align directly with long-term commercial goals. However, there is a systemic mismatch within current market offerings. He explained that one of the biggest challenges is asset-liability mismatch, where businesses require long-term funding, but available financing is largely short-term, creating significant liquidity pressure.
According to Elue, investment readiness and credit accessibility hinge largely on internal financial discipline and operational transparency. Financial institutions look for visibility of cash flow supported by reliable financial records, reflecting strong systems, sound corporate governance, and strategic planning. These elements are essential for growth and scalability.
ProvidusUnity Bank remains intentional in its effort to deepen support across the SME value chain as a pillar of its overall contribution to Nigeria’s macroeconomic stability. The bank’s ambition is to be the number one SME bank, believing that supporting SMEs is one of the most effective ways to drive economic growth.
The bank pursues this ambition through a four-pronged approach: access to finance, access to capacity building, access to markets, and access to products and services. The summit builds upon the foundation of ProvidusUnity Bank’s dedicated SME Programme, which has built capacity for over 500 small businesses over the past six years.
The programme highlights the institution’s commitment to fostering resilient enterprises and sustainable national development. By supporting SMEs, ProvidusUnity Bank aims to drive economic growth and contribute to Nigeria’s macroeconomic stability. The bank's efforts focus on creating a robust ecosystem for SMEs to thrive.
Key points
- ProvidusUnity Bank encourages SMEs to adopt system-driven structures for long-term viability and scalability.
- The bank offers a four-pronged approach to support SMEs: access to finance, capacity building, markets, and products and services.
- ProvidusUnity Bank aims to be the number one SME bank, driving economic growth through SME support.
