Heritage Bank supports MSMEs to grow into conglomerates

Heritage Bank has assured promoters of Micro, Small and Medium Enterprises (MSMEs) of its support to enable them grow their businesses into conglomerates.
Its Managing Director, Mr Ifie Sekibo, made the promise in Lagos in a statement by the Divisional Head, Corporate Communications of the bank, Mr Fela Ibidapo.
Sekibo said the bank would collaborate with operators of MSMEs to help them to grow their businesses to generational conglomerates.
According to him, the desire of the bank is for Nigerian businesses to be listed on the stock exchanges and eventually become global brands and household names.
Sekibo also said that survival of businesses in Nigeria under the current economic situation was not an easy feat, adding that tenacity was a key characteristic for sustainability.
He said notable businesses such as Quaker Oats and KFC went through trying times which they overcame before becoming global brands.
“We believe that businesses like yours are the backbone of the economy because you create jobs and play a huge role in moving our country out of this present recession.
“I encourage you to rise up to this challenge facing every Nigerian entrepreneur and make our economy vibrant again,” Sekibo said.
He said that the bank would support operators in the MSMEs sector to broker new deals and partnerships, adding that ‘a contact today could lead to a business opportunity tomorrow’.
The managing director said the bank would create a platform to propel a network of fast growing businesses.
Sekibo urged the businesses to seize the opportunity, network with others and engage the bank’s SME consultants in their bid to build and develop sustainable businesses.
The Central Bank of Nigeria (CBN) has adopted Heritage Bank as the sole pilot bank for the Youth Innovative Entrepreneurship Development Programme (YIEDP).
The CBN said this this was in recognition of the bank’s commitment to Small and Medium Enterprises (SMEs) and youth development.
The programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
The major objective of the scheme is to provide a sustainable mechanism to stimulate employment, contribute to the non-oil Gross Domestic Product (GDP) as well as address the challenge of youth restiveness in the country.