FirstBank’s recent SMEConnect webinar highlights a crucial pivot: helping Nigerian SMEs navigate new tax laws. It’s a smart move. I’ve seen enough of these initiatives to recognize a pattern; banks stepping up as knowledge brokers, not just lenders.

The webinar, themed “Strategies for SMEs: Securing Your Business Under the New Tax Law,” aims to guide participants on these changes. Good intentions are one thing, but the real test lies in practical application. Will SMEs actually understand and implement the advice?

FirstBank emphasizes its commitment to SMEs, noting that it lent over N200 billion to the sector in 2024. That’s a big number. Yet, poor funding remains a significant hurdle. Perhaps webinars are only part of the solution.
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It’s worth noting Mr. Famuyiwa mentioning unsecured loans, based on business assessment. Innovative, if done right. Risk assessment models for SMEs are notoriously difficult. Let’s hope they get it right.

The conference also touched on updating the National MSME Policy. Policy review is vital, sure, but implementation is where things often bog down in Nigeria. Will this review actually streamline processes and foster growth? That’s the question.

Webinars and conferences offer value. Still, sustainable SME growth demands more than just information. Access to capital, streamlined regulation, and consistent support are all essential. These events help, definitely, but they’re pieces of a bigger, more complicated puzzle.
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FirstBank offering FirstSME accounts seems like an obvious extension of the SME support system. It provides a way for SMEs to build a banking relationship that also supports their business goals.

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Keywords: Nigerian SMEs, New Tax Law, FirstBank, SMEConnect, SME Webinar, SME Funding, Unsecured Loans, National MSME Policy