Fidelity Bank Plc has urged small and medium-sized enterprises (SMEs) in Lagos to embrace digital solutions, improve financial management and adopt structured business practices to boost competitiveness and achieve sustainable growth.
The call was made at the third edition of the Fidelity Bank SME Quarterly Business Forum held recently in Lagos, with the theme, “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 discuss practical strategies for strengthening SMEs through digital innovation, improved financial management, trade financing and regulatory compliance.
Speaking at the event, the Regional Bank Head, Ikeja, Fidelity Bank Plc, Mr. Jude Monye, who represented the Executive Director, Lagos and South-West, Dr. Ken Opara, described Lagos as a vibrant commercial hub with significant business opportunities despite prevailing economic and operational challenges.
He noted that entrepreneurs faced rising operating costs, intense competition, changing consumer preferences, infrastructure constraints and working capital challenges.
Monye said building competitive businesses required more than ambition, stressing the importance of reliable products, consistent service delivery, proper record-keeping, disciplined cost management, efficient inventory control and a clear understanding of customers’ needs.
“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,” he said.
He emphasised that digital tools could help entrepreneurs improve operational efficiency and make informed decisions by providing clearer information on sales, inventory, expenses and profitability.
“A business owner who understands the true position of the business is better equipped to make the right decisions,” Monye stated.
He also highlighted the importance of maintaining accurate financial records and separating business finances from personal expenses, noting that these practices were essential for long-term sustainability and access to financing.
Monye reaffirmed Fidelity Bank’s commitment to supporting entrepreneurs through innovative banking solutions, capacity-building initiatives and access to capital.
In her remarks, the Divisional Head, SME Banking, Fidelity Bank Plc, Mrs. Ugochi Osinigwe, described SMEs as the backbone of Nigeria’s economy, noting that the forum provided 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.
Osinigwe encouraged entrepreneurs in trade and distribution, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to leverage the bank’s financing solutions, advisory services and strategic partnerships to strengthen their operations and unlock growth opportunities.
Also speaking, the Head of Audit, Surulere Division, Nigeria Revenue Service, Dr. Ibrahim Olalere, stressed that tax compliance and effective record-keeping were essential to building sustainable businesses.
He urged business owners to understand their tax obligations and maintain accurate financial records to improve operational efficiency and avoid unnecessary compliance challenges.
“Business owners must understand that tax compliance is an essential part of running a structured and sustainable enterprise,” Olalere said.
The Managing Director and Chief Executive Officer of Emosh Foods, Mr. Oshiokpelua Osiga, commended Fidelity Bank for organising the forum, noting that sustainable business growth required access to information, financing and networks beyond having a good product.
“Growing a business requires more than having a good product. Entrepreneurs need access to the right information, financing and networks to scale sustainably,” he said.
Osiga added that the forum provided entrepreneurs with opportunities to exchange experiences, gain practical business insights and identify solutions to improve competitiveness.
Now in its third edition, the Fidelity Bank SME Quarterly Business Forum is part of the bank’s efforts to equip entrepreneurs with the knowledge and resources needed to build competitive and sustainable businesses.
Fidelity Bank serves over 10 million customers through digital banking channels and 255 business offices across Nigeria, alongside its United Kingdom subsidiary, FidBank UK Limited.