Nigeria

Banks operating in the country have been advised to partner with SMEs in order to propel the growth of the economy.

Nigerian bank United Bank for Africa (UBA) says at least 600 Small and Medium Scale Enterprises (SMEs) across Africa will benefit from a new financial scheme that is set to commence next week.

The AfDB extends loan to Nigerian bank indicating growing confidence in the country's financial sector.

The Growing Businesses Foundation calls on banks to show more commitment to the development of the SMEs and the economy.

Nigeria has been advised to emulate Japan in transforming its economy through the Small and Medium Enterprises (SME s).

President/Chief Executive, Crown Eagle Microfinance Bank, Mr. Ben Taiwo Ojomo has called on the Cental Bank of Nigeria (CBN) to bar universal banks from microfinance banking sector. Speaking in an interview with Vanguard at a pre launching of the bank, Ojomo averred that it is misplaced priorities for universal banks to establish microfinance banks as they are supposed to focus on competing globally with other banks.

The Small and Medium Enterprises Development Agency has been urged to promote and facilitate the development of the SME sub- sector of the economy.

The Central Bank has granted final approval to Opengate Microfinance Bank to start banking operations in the Federal Capital Territory.

The Group Managing Director of Union Bank of Nigeria Plc (UBN), Mr Barth Ebong, has said that the bank has introduced new financing schemes as part of its contributions to the growth of the national economy.

Diamond Bank Plc, Shell Petroleum Development Company and GroFin of South Africa, have concluded plans to float a US$31m [N4bn] fund for SMEs.