L-R: Divisional Head, Small and Medium-scale Enterprises (SMEs), Fidelity Bank Plc, Mrs. Ugochi Osinigwe; Head of Audit, Surulere Division, Federal Inland Revenue Service (FIRS), Dr. Ibrahim Olalere; and Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr Jude Monye; at the Fidelity Bank SME Quarterly Business Forum, held in Lagos recently.
Susan Abayomi
Fidelity Bank Plc has urged small and medium-sized enterprises (SMEs) in Lagos to adopt digital solutions, strengthen financial management practices and establish structured business operations to improve competitiveness and achieve sustainable growth.
The call was made at the third edition of the Fidelity Bank SME Quarterly Business Forum in Lagos, themed “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
The forum brought together entrepreneurs, business owners, industry experts and representatives of the Nigeria Revenue Service (NRS) to explore practical strategies for improving business performance through digital innovation, financial management, trade financing and tax compliance.
Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Jude Monye, who represented the Executive Director, Lagos and South-West, Dr Ken Opara, described Lagos as a vibrant commercial centre offering significant opportunities for business expansion despite prevailing economic challenges.
He noted that entrepreneurs must contend with rising operating costs, intense competition, changing consumer preferences, infrastructure constraints and limited working capital.
Monye stressed that building competitive businesses requires more than ambition, highlighting the importance of quality products, consistent service delivery, proper record-keeping, effective cost management, inventory control and a strong understanding of customer needs.
He also emphasised the importance of digital tools in helping entrepreneurs monitor sales, track inventory, manage expenses and assess profitability, noting that access to accurate business information enables better decision-making.
According to him, maintaining proper financial records and separating personal finances from business funds are essential practices for building sustainable enterprises and improving access to financing.
He reaffirmed Fidelity Bank’s commitment to supporting SMEs through innovative banking solutions, capacity-building programmes and access to capital.
Also speaking, the Divisional Head, SME Banking, Fidelity Bank Plc, Ugochi Osinigwe, described SMEs as a critical pillar of Nigeria’s economy, emphasising the importance of providing entrepreneurs with opportunities for learning, networking and business development.
Osinigwe said the bank remained committed to helping businesses grow, expand and become profitable through innovation and digital transformation.
She encouraged participants from sectors including trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to take advantage of the bank’s financing solutions, advisory services and strategic partnerships to strengthen their operations and explore new growth opportunities.
On regulatory compliance, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr Ibrahim Olalere, advised business owners to prioritise accurate record-keeping and understand their tax obligations.
He explained that tax compliance was an important component of running a structured and sustainable enterprise, adding that proper documentation would help businesses operate efficiently and avoid unnecessary compliance difficulties.
Olalere also commended Fidelity Bank for organising a platform that addresses practical challenges facing entrepreneurs.
Similarly, the Managing Director and Chief Executive Officer of Emosh Foods, Oshiokpelua Osiga, noted that sustainable business growth depends on more than having a quality product.
He identified access to relevant information, financing and business networks as important factors in helping entrepreneurs expand their operations and remain competitive.
Osiga described the forum as a valuable opportunity for business owners to exchange experiences, gain practical insights and identify solutions to challenges affecting their enterprises.
Now in its third edition, the Fidelity Bank SME Quarterly Business Forum forms part of the bank’s broader efforts to equip entrepreneurs with the knowledge, resources and tools needed to build sustainable businesses and contribute to Nigeria’s economic development.
Fidelity Bank Plc is a commercial deposit money bank serving more than 10 million customers through digital banking channels and 255 business offices. Its international operations include FidBank UK Limited, a subsidiary in the United Kingdom.
The bank has received several industry recognitions, including the 2025 Development Bank of Nigeria Innovation Award for MSME support, the Best Bank for Export and Trade Finance award at the 2025 BusinessDay Banks and Financial Institutions Awards, and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
Through initiatives such as its SME business forum, Fidelity Bank continues to promote entrepreneurship, financial inclusion and business development, with a focus on helping Nigerian enterprises build the capacity to compete and grow in an evolving economic environment.
