Otti Places MSMEs at Centre of Abia’s Economic Agenda, Announces New Business Directory

Abia State Governor, Dr Alex Otti, has described Micro, Small and Medium Enterprises (MSMEs) as the foundation of every strong economy, saying their growth is critical to job creation, innovation and sustainable development.

Otti stated this on Wednesday in Aba, the commercial hub of the state, during the Nigeria Business Summit Regional Tour and the commemoration of MSME Day organised by the Abia State Government in partnership with Stanbic IBTC Bank.

The governor, who was represented by the Commissioner for Industry and SMEs, Michael Akpara, said MSMEs contribute significantly to economic growth globally by creating employment opportunities, reducing poverty, expanding local production and strengthening economic resilience.

He said the importance of small and medium-scale businesses informed his administration’s decision to place enterprise development at the centre of its economic transformation agenda.

“For the first time, Abia is developing a comprehensive MSME policy that will provide a clear institutional and legal framework for enterprise development across the state,” Otti said.

According to him, the policy will establish strategic priorities covering business formation, access to finance, entrepreneurship development, innovation, digital transformation, market access, skills development, infrastructure support, regulatory reforms, public-private partnerships and support for women and youth-led enterprises.

Governor Otti identified the absence of reliable business data as one of the major challenges affecting enterprise development in the state.

To address the challenge, he announced that the government was developing the second comprehensive MSME Directory in Abia.

He said the directory would provide accurate information on businesses operating in the state while helping investors, financial institutions, development partners and buyers identify credible enterprises.

“Beyond strengthening businesses, the directory will enable development partners, financial institutions, investors and buyers to identify credible businesses operating in the state,” he said.

Otti also announced that the state government would host the National Brands Development and Made-in-Nigeria Project, tagged Abia Expo 2026, from September 22 to 26 in Umuahia, the state capital.

He said the expo would showcase the creativity, productivity and competitiveness of Nigerian businesses, with emphasis on products and innovations from Abia State.

The Head of Enterprise Banking at Stanbic IBTC Bank, Jumoke Bello, said the bank partnered with the Abia State Government because of its belief that MSMEs remain a major driver of Nigeria’s economic growth.

Bello said small and medium businesses contribute significantly to the country’s Gross Domestic Product (GDP) and require stronger support systems to thrive.

“We in Stanbic IBTC Bank believe that SMEs are the engine room that drive the nation’s economic growth. They contribute to the country’s GDP in no small way,” she said.

She commended the Abia State Government for creating an environment that supports business growth, noting that such efforts informed the bank’s decision to collaborate with the state.

Bello also highlighted the bank’s commitment to supporting women-owned businesses, saying government alone cannot meet all the needs of entrepreneurs.

“Stanbic IBTC Bank is equally passionate in supporting women-led businesses to grow, and we do this because we know government cannot do it alone,” she said.

The Head of the Corporate Affairs Commission (CAC) in Abia, Michael Anusa, urged business owners in the state to formalise their operations by registering with the commission.

He said proper registration would help businesses gain credibility and access opportunities available to formal enterprises.

Meanwhile, the Abia State Chairman of the Nigerian Association of Small and Medium Enterprises (NASME), Livinus Eze, appealed to financial institutions to provide affordable loans to small business owners.

Eze called for single-digit interest loans for MSMEs and urged Stanbic IBTC Bank to support entrepreneurs by reducing the cost of business registration through the CAC.

He said improved access to affordable financing remained critical to helping small businesses expand and contribute more to economic development.