Peter Mbah Calls for Independent Funding Schemes to Support Local Businesses

Enugu State Governor Peter Mbah has urged the creation of dedicated financing schemes for Small and Medium Enterprises (SMEs) outside commercial banks to enhance fair competition across the region.

Speaking at a workshop on the ECOWAS Trade Liberalisation Scheme (ETLS) in Enugu on Tuesday, the governor stressed the importance of financial institutions backing local industries, highlighting the challenges SMEs face in accessing adequate funding.

Represented by his deputy, Mr. Ifeanyi Ossai, Mbah said, “We should set up a framework to assist local industries and protect local manufacturing. Banks must help businesses in the South East grow, so we can compete with other ECOWAS regions.”

He added that SMEs are the backbone of trade in the South East, and regional support is crucial to unlocking their potential.

Ambassador Bianca Odumegwu Ojukwu, Minister of State for Foreign Affairs, praised the initiative, noting that strengthening SMEs is essential for regional integration, cross-border trade, and inclusive prosperity.

President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Mr. Odega Jideonwo, also welcomed the workshop, describing it as a step toward ensuring local goods reach other African markets.

The call for SME support follows a Moniepoint Microfinance Bank report on October 10, 2025, which revealed that 42% of Nigeria’s small businesses cannot survive a month without income, underscoring the fragile financial position of many local enterprises.