Kayode Tokede
Fidelity Bank Plc, has called on Small and Medium-scale Enterprises (SMEs) to embrace digital solutions, maintain sound financial management practices and adopt structured business models to enhance competitiveness and drive sustainable growth.
The call was made at the Fidelity Bank SME Quarterly Business Forum held in Lagos.
Speaking at the event, the bank’s Regional Bank Head, Ikeja, Mr. Jude Monye, who represented the Executive Director, Lagos and South-West, Dr. Ken Opara, described Lagos as a dynamic business hub with immense growth opportunities despite prevailing economic and operational challenges.
According to him, while Lagos remains one of Africa’s most vibrant commercial centres, entrepreneurs must navigate rising operating costs, intense competition, shifting consumer preferences, infrastructure limitations and working capital constraints.
“Yes, 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. Building a competitive business in this environment requires more than ambition. It requires reliable products, consistent service, proper records, disciplined cost management, efficient inventory control and a deep understanding of customers,” Monye said.
He further emphasised the role of technology in improving business performance and decision-making.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described SMEs as the backbone of Nigeria’s economy and highlighted the forum’s role as a platform for knowledge sharing, networking and business development.
“At Fidelity Bank, we are committed to helping entrepreneurs build, scale and transform their businesses into profitable and sustainable enterprises. Innovation and digital transformation are important parts of that journey, particularly in an increasingly competitive business environment,” she said.