By Ajewole Joshua|ABNews|
Lagos, Nigeria — October 9, 2025. A financial expert, Adebosin Gbadebo Walid, has declared that microfinance institutions remain the true backbone of Nigeria’s grassroots economy, insisting that national development can only be achieved when MSMEs, women-led ventures, and youth-owned enterprises have structured access to microcredit.
Walid made the remark while speaking at the Finance Meet Entrepreneur 2025 Conference organized by the Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) at Villa Park Hotel, Festac, Lagos.
According to him, while many entrepreneurs complain about lack of funding, the real problem lies in poor financial literacy, weak documentation, and distrust between lenders and small businesses.
“There is no real economic growth without microfinance. They are the actual engine of grassroots development. But entrepreneurs must understand that loan access requires discipline, accountability and traceable business structures,” he stated.
IEAMA Moves to Bridge Funding Gap Between Entrepreneurs and Microfinance Banks
Earlier, IEAMA Registrar, Dr. Jerry Ibeh, said the institute was created to formalize the Igbo apprenticeship system into a structured certification platform with mentorship and financial linkage components.
He noted that commercial banks often overlook small businesses, but microfinance banks can step in as flexible partners — provided entrepreneurs are empowered to meet basic lending criteria.
“We are positioning IEAMA as a bridge between lenders and entrepreneurs. MSMEs must learn how to approach funding properly, and microfinance banks must see beyond collateral,” Ibeh added.
Financial Experts Warn Against Loan Mismanagement
Also speaking, Dr. Adeogun Mojisola of Prospera Microfinance Bank, urged business owners to uphold repayment ethics, noting that “loans are not gifts,” and institutions must report defaulters to CBN and NDIC as required by regulation.
New Members Inducted into IEAMA
The event also featured the induction of new IEAMA members including:
- Doctorate Fellows: Hon. (Dr) Edwin Ashibudike Nwabaku, Dr. Adeogun Mojisola Abigail, and Dr. Umesegha Joshua Obinna.
- Fellows, Senior Members, Associates and Corporate Members, drawn from finance, engineering, agriculture and commerce sectors.
Calls for Nationwide Sensitization
Walid concluded by calling for intensive sensitization programs across communities, especially for market women, artisans and startups, saying:
“The future of Nigeria’s economy is not in oil or big corporations — it is in the streets, in the markets, in the hands of everyday hustlers. Microfinance must be strengthened to empower them.”
