ENTREPRENEUR CALLS FOR WIDER SUPPORT FRAMEWORK TO BOOST SME GROWTH

Serial entrepreneur and certified professional banker, Dr David Akpimegin, has called for broader support for small and medium-sized enterprises, saying access to finance alone is not enough to help businesses survive and grow. He said SMEs require a supportive environment that combines affordable funding, effective regulation, financial literacy and business development assistance to overcome the challenges facing small businesses.

Akpimegin made the call while discussing findings from his doctoral research on microfinance banking and the growth and performance of SMEs in the Federal Capital Territory between 2010 and 2024. His study found a positive relationship between access to microfinance services and SME growth, but identified high interest rates as a major obstacle preventing many businesses from obtaining affordable financing.

According to him, government agencies, financial institutions and other stakeholders need to work together to create conditions that allow small businesses to develop sustainably. He stressed that operational efficiency, proper regulation and access to relevant business knowledge should complement credit facilities, noting that entrepreneurs need more than loans to manage their businesses effectively and expand their operations.

The banker also linked SME development to wider economic growth, pointing to the importance of entrepreneurship and small businesses in creating employment and expanding economic opportunities. He said his professional experience in banking and entrepreneurship influenced his research and gave him an opportunity to examine how financial services, leadership and strong institutions can contribute to sustainable development.

Akpimegin recently defended his PhD in Public Governance and Leadership at the Abuja Leadership Centre of the University of Abuja. He said the qualification carries a responsibility to contribute to society through banking, research, policy dialogue, leadership development, entrepreneurship and community service, while stressing the need for stronger institutions and responsible management of public resources.