Union Bank of Nigeria (PLC) has said that the Small, Medium Enterprises (SMEs) sector was the engine of the economy of any nation in the world today, hence, its interest in playing roles that would see to the further growth of the sector.
The bank further noted that the sector employs the largest number of people and that the greater number of people paying their taxes was from the sector.
According to the bank, the largest customer base in almost every bank is from this sector, consequently, Union Bank would do what is possible to ensure that the sector continues to thrive and dominate the economy.
Rabiu Tata, head of SME’s Banking, Union Bank of Nigeria (PLC), made the disclosure in an exclusive interview with BD SUNDAY at a seminar on “SME Market Access 2015” jointly put together by BusinessDay Newspaper and Union Bank.
The seminar, which was held at the Atrium Events Centre, Port Harcourt; Rivers State capital, attracted lots of entrepreneurs from the state who expressed satisfaction, describing the event as well packaged.
Tata advised that if the country wanted to develop, the SME’s sector should first be developed because 80 percent of the businesses in Nigeria were in the sector.
According to him, “Union Bank believes that wealth creation process in an economy is what is going to create employment for the multitude of Nigerians that are looking for job and by developing this sector, it is a way we can increase our money and generate employment and service the economy”.
Benwari Tarinyu, who represented Wider Perspectives Limited, a management consulting firm, also explained that a larger percentage of the business class in Nigeria was in this sector which also has employed more Nigerians than any other sector of the economy.
Speaking on ‘Creating Effective Market Access’ to SMEs in the country, Benwari said that about 98percent of businesses in Nigeria were SMEs, providing about 65percent percent of employment equally and “they are crucial in developing the economy.”
SABY ELEMBA
