Alakija Urges Banks To Reduce Stringent Conditions For SMEs

Nigerian philanthropist and businesswoman, Mrs. Folorunso Alakija, has called on Nigerian government to ask banks in the country to reduce their stringent requirements in order to support and enable small and medium enterprises to thrive and contribute to the economy.

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Alakija, who is one of Africa’s most influential women in Nigeria, made this call while featuring as a guest on CNN’s One World with Zain Asher, where she discussed the African economy and how Nigeria as Africa’s engine room could diversify its economy to the benefit of the growing population.

Speaking on the impacts of high inflation, high-interest rate and unemployment on SMEs, Alakija spoke on the need for the government to make banks in the country reduce their stringent requirements for SMEs.

She said: “The government has a big role to play; get banks to reduce the usually stringent requirements for SMEs, and interest rates need to be lowered.

“The government also needs to improve the quality of infrastructure; infrastructure is an area that is causing problems and it has negative impacts on SMEs in the country.”

Alakija said she gave back to her community primarily through the Rose of Sharon Foundation, a voluntary, non-profit, faith-based, non-governmental organisation focused on easing the burdens for widows and orphans.

She said: “We found many entrepreneurs among the widows. We give them money for their businesses and send their children to school up to the university level by way of scholarship.”

Alakija also said that she gave back to young female entrepreneurs through her Flourish Africa initiative, which was set up five years ago as a platform to mentor and guide young female entrepreneurs.