Emmanuel lkpeama
The Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) recently organized the inaugural Finance Meet Entrepreneur 2025 forum,as stakeholders in Nigeria’s entrepreneurial and financial sectors emphasized the vital role of microfinance banks in unlocking the nation’s small and medium-sized enterprise (SME) potential.
In an event on Thursday 9, October 2025,organized by the Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA)highlighted the crucial role of microfinance banks in driving small and medium-sized enterprise (SME) growth in Nigeria.
Experts emphasized the need for stronger linkages between financiers and entrepreneurs to promote innovation, job creation, and sustainable development.
The event, themed “Microfinance Banks as Catalysts for SMME Growth in Nigeria’s Economy,”brought together policymakers, entrepreneurs, and financial institutions to explore new pathways for SME financing and apprenticeship development.
The Acting Provost of Lagos State Cooperative College Lagos State, Dr. Adebosin Gbadebo,who is one the speakers at the event described microfinance banks as the backbone of Nigeria’s informal economy, which accounts for nearly 96% of all businesses and contributes about 40% to the country’s GDP.
He emphasized the need for strengthening capacity building, ensuring affordable credit, and expanding financial literacy to sustain the impact of microfinance on job creation and poverty reduction.
“Without finance,no business can thrive,Microfinance banks exist to bridge the gap between excluded entrepreneurs and the capital they need to grow.
“They offer micro loans, savings, and advisory services to millions of Nigerians who would otherwise be left out of the financial system.”he said
Gbadebo noted that more than 800 licensed microfinance banks currently operate across the country,promotes financial inclusion and enterprise growth despite challenges of capitalisation and regulatory compliance.
The Acting Provost appealed to stakeholders to focus on strengthening capacity building, ensuring affordable credit, and expanding financial literacy to sustain the impact of microfinance on job creation and poverty reduction.
She emphasized that microfinance banks provide financial inclusion, access to credit facilities, and capacity building for entrepreneurs.
Mrs Adeogun went further to note that microfinance banks have been instrumental in promoting financial inclusion, particularly in rural and underserved areas, stating that with over 800 microfinance banks in Nigeria, entrepreneurs can access loans and other financial services to grow their businesses.
The speaker also emphasized the importance of having a good credit score, stating that it enables entrepreneurs to access credit facilities from banks and other financial institutions.
Additionally, Adeogun advised entrepreneurs to be cautious when accessing loans and to ensure they do not default on payments, as this can negatively impact their credit score and ability to access future loans.
In his welcome address,the Registrar,Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) Dr. Jerry Ibeh, stated that the “Finance Meet Entrepreneur 2025” initiative was designed as a bridge between financiers and entrepreneurs, providing access to funding, mentorship, and technical guidance for emerging business owners.
He noted that the Institute which was founded in May 2025 was to professionalise entrepreneurship and apprenticeship by formalising Nigeria’s indigenous “Igba boy”model of enterprise mentoring, noting that the institute stands as a gap between entrepreneurs in making millions and driving the wave of economic transformation in Nigeria.
“At IEAMA, we believe entrepreneurship and apprenticeship are not just pathways to prosperity but the lifeblood of our nation’s future,”
“Microfinance banks are the spark that ignites this engine of progress — empowering small and micro businesses, reducing poverty, and building resilient communities.”
Ibeh explained that IEAMA’s membership system offers a structured pathway for entrepreneurs, from student to associate, full, senior, and fellow membership, ensuring continuous learning and accountability.
He disclosed that the institute had also secured partnerships with financial institutions and the National Youth Service Corps (NYSC) to promote youth entrepreneurship through the Skill Acquisition and Entrepreneurship Development (SAED) programme.
Miss AmforGod Olisa,Secretary of IEAMA, said the Finance Meet Entrepreneur initiative would become an annual platform for entrepreneurs, financiers, and policymakers to share ideas and forge partnerships.
“This programme serves as a bridge between finance and enterprise — a marketplace of ideas and collaboration,”
“It is part of a broader vision to elevate entrepreneurship to a respected, professional, and sustainable career path.”she stated
Speaking with newsmen,Mr Umesegha Joshua Obinna,MD/CEO of Prospera Finance Limited opined that microfinance banks have been instrumental in promoting SME growth and development in Nigeria,by providing access to finance and capacity building, microfinance banks help entrepreneurs overcome challenges and achieve their business goals.
Umesegha emphasize that microfinance banks will continue to play a critical role in driving economic growth and development in Nigeria.
“With the right support and regulations, microfinance banks can increase their reach and impact, particularly in rural and underserved areas.”
He applauded the institute for making individuals to have an indepth knowledge of how they can finance and boost their business.
Lending his voice,Hon Dr Edwin Nwabaku urge youths to shun drugs and other social vices rather they should involve in a skill that would help them to unlock unprecedented opportunities for millions.
” Rather than blaming the government, the youths should engage themselves into entrepreneurship. Thank God IEAMA is creating a platform how you can get a soft loan to set and build your business ” he said
The forum concluded with a call for greater synergy between government, financial institutions, and professional bodies to scale entrepreneurship as a driver of Nigeria’s economic transformation.
Highlight of the event was the induction of some individuals as doctorate associate, full, senior, and fellow membership of the the Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA)
Those inducted are;
Doctorate Fellow:
Hon Dr Edwin Nwabaku
Mrs Adeogun Mojisola Abigail
Mr Umesegha Joshua Obinna
Fellow:
Adebosin Gbadebo Walid
Joseph Igberi Atose
Engr Chijioke Collins
Balogun Sakiru Abiodu
Onyekachi Charles Chinedum
Senior Membership:
Allen Abieyuwa Nneoma
AmforGod Olisa
Ifediba Onyinyechi Judith
Comrade Emmanuel Clement
Associate Members:
Hamzat Omolade
Wilson Chimezie
Michael Offiong
Akinfenwa Opeyemi
Adedipe Precious
Adebowale Daniel
Ugbobuaku Isioma
