The Central Bank of Nigeria has said that it remains committed to the growth of the Small and Medium Enterprises, (SMEs) sector which remains the engine of economic growth in the country.
Acting Director, Corporate Communications Department at the Central Bank of Nigeria, (CBN), Hakama Ali, made this known yesterday during the CBN's Special Day at the ongoing 36 Enugu International Trade Fair 2025.
In his address, Ali said that the theme for this year's fair, "Developing Nigeria Industrial Sector/SMEs for Economic Advancement & Global Recognition" is apt as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.
Ali said that the current management of the bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the Small and Medium Enterprises (SMEs).
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He noted that achieving an impactful industrial development for global recognition is premised on a tripod, including robust financial systems fundamentals, foreign, exchange market stability and strong collaboration between the monetary and fiscal authorities.
"The bank's efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times," he said.
He maintained that the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria's economy.
"The CBN annually participates in the Enugu fair to raise awareness and sensitize teeming stakeholders on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition," he said.
