Micro, Small and Medium Enterprises (MSMEs)
… seeks to strengthen the foundations that can make businesses more investment- and finance-ready.
The conversation around Nigeria’s small businesses often begins and ends with access to finance. Yet capital can only go as far as the institution receiving it. Without sound governance, reliable records, clear strategy and disciplined operations, even well-funded enterprises can struggle to survive.
ProvidusUnity Bank‘s SME capacity-building programme is premised on a more enduring proposition: sustainable growth begins with the quality of the business itself.
Six years ago, ProvidusUnity Bank launched the programme in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University. Six cohorts later, more than 300 SMEs have benefited, with the initiative expanding from Lagos to Abuja and Port Harcourt. The hybrid programme runs for more than three months, bringing together intensive training, mentorship, networking and, ultimately, access to funding.
Its curriculum concentrates on the less glamorous but indispensable disciplines of enterprise building: business strategy, operational efficiency, financial record-keeping, sustainability, risk management and growth planning. In doing so, it addresses the distinction between a business that is merely active and one that has the institutional capacity to endure, attract capital and grow.
The case for such an intervention is underscored by the weight of SMEs in the Nigerian economy. Data from the Development Bank of Nigeria puts the country’s population of Micro, Small and Medium Enterprises (MSMEs) at nearly 40 million, contributing 46.32 per cent to GDP and accounting for 87.9 per cent of employment. At the same time, the International Finance Corporation estimates the MSME financing gap at approximately $32.2 billion. The scale of that gap suggests that finance alone cannot be the answer; the capacity of enterprises to qualify for, manage and deploy finance matters equally.
PwC’s finding that 96.2 per cent of MSMEs were sole proprietorships offers another perspective. Such a structure can create challenges around succession, governance, accountability and the separation of personal and business finances. Meanwhile, fewer than five per cent of MSMEs have access to bank credit.
The ProvidusUnity Bank model therefore seeks to strengthen the foundations that can make businesses more investment- and finance-ready.
The programme has not remained static. Its first cohort focused on helping struggling businesses find their footing, pivot and build resilience. The second shifted towards long-term strategy and profitability, while subsequent cohorts broadened eligibility to include more high-potential businesses. By the fifth cohort, demand had grown sufficiently to prompt expansion beyond Lagos. The sixth cohort is currently underway across Lagos, Abuja and Port Harcourt.
For Uju Okeke, founder and CEO of Ava Collections and a participant in the third cohort, the experience was significant precisely because it addressed the foundations beneath growth. She described it as one of the most impactful capacity-building initiatives she has undertaken since starting her business more than a decade ago, noting that the lessons on sustainable structures helped her consolidate earlier gains and establish a clearer path for future growth.
Founder and CEO of Jeun, Olatunji Alaaki, said the programme provided knowledge needed to strengthen corporate governance, structure, marketing and branding, while preparing his business for scale.
Founder and CEO of AutoClinic NG, Tunji Onakoya, and a participant in the current cohort, sees the initiative as an important intervention in the entrepreneurship ecosystem. “This is something that is needed in the entrepreneurship ecosystem in Nigeria, and someone has to do it. ProvidusUnity Bank is doing it,” he said.
Facilitator Adegboyega Adebajo said the programme is changing the way participants understand the business problems before them, helping them identify gaps, appreciate structure and rethink growth. “The success they make in the long term will be much more definitive than any competition they can win in the short term,” he said.
Head of Business Development at ProvidusUnity Bank and coordinator of the programme, Ernest Elue, said the institution’s objective extends beyond individual training outcomes. “Our ambition is to build a credible platform that gives SMEs the knowledge, structure and support they need to become stronger and more sustainable businesses,” he said. “When we help entrepreneurs build businesses that can survive, create jobs and scale, we are not only supporting individual businesses; we are contributing to the broader growth of the Nigerian economy.”
The deeper issue is the quality of the institutions being created. Nigeria does not merely require more people to become entrepreneurs; it requires more enterprises capable of formalising, surviving, employing people, accessing capital and scaling responsibly. By directing investment towards the capabilities behind those businesses, ProvidusUnity Bank’s SME programme is making a practical case for capacity as a central ingredient of enterprise growth—and, ultimately, of a more resilient Nigerian economy.
