Lagos — Skye Bank Plc says it is going into partnership with entrepreneurs and other small scale business owners to help them succeed in their businesses.
The bank's Executive Director, Corporate and Investment Banking, Mr. Timothy Oguntayo, who stood in for the Group Managing Director/CEO, Mr. Kehinde Durosinmmi-Etti, disclosed this at a seminar it organised to build and promote growth of small and medium scale enterprises.
Oguntayo said the SMEs was important as it provides more opportunities and employments than the mining, oil and gas sectors. Indeed, the sector can increase economic opportunities for those who have not been able to participate directly in large scale projects.
"Without doubt, the SMEs sector has the capacity to drive and encourage indigenous business and rural economic development such that the whole country can be transformed to create productive economic activity for the people through which they earn their living and contribute to national development," he said.
He said over 32 million Nigerians were involved the sector, adding that if the sector was properly developed; it has the capacity to solve the unemployment problem in the country.
General Manager, Retail Banking, Skye Bank, Mrs. Arinola Kola-Daisi, said SMEs have the capacity to integrate a large segment of the populace in productive economic activities.
Specifically, she said the economies of the Asian Tigers or Asian Dragons of the highly free and developed Hong Kong, Singapore, South Korea, and Taiwan, owe their rise to economic pre-eminence to an extent, to the existence of well-organized and efficiently run SMEs.
She said the Tiger Club Economies of Indonesia, Malaysia, the Philippines, and Thailand, follow the same export-driven model of economic development pursued by the four dominant Asian Tigers where SMEs constitute a sizeable vehicle of bringing about development and have remained so till this day.