STANDARD CHARTERED URGES SMES TO STRENGTHEN EXPORT CAPACITY FOR GROWTH

Standard Chartered Bank has called on small and medium-sized enterprises (SMEs) in Nigeria to enhance their export capabilities to take full advantage of opportunities in the African Continental Free Trade Area (AfCFTA) and global markets.

Speaking at a recent business forum, bank executives emphasised the need for SMEs to focus on product quality, international certification, market research, and digital trade platforms. They noted that strengthening export readiness is essential for diversifying revenue streams and building resilience against domestic economic fluctuations.

Standard Chartered highlighted its commitment to supporting SMEs through tailored financing solutions, trade advisory services, and capacity-building workshops. The bank also encouraged businesses to leverage technology for better supply chain management and compliance with international standards.

Experts at the event agreed that Nigerian SMEs have significant potential in sectors such as agriculture, manufacturing, and creative industries, but many are yet to meet export requirements. Improved export capacity could significantly boost foreign exchange earnings and job creation.

The bank urged government agencies to complement private sector efforts with policies that ease export processes and provide necessary incentives for SMEs venturing into international trade.