A significant step towards reducing the high failure rate of small businesses in Nigeria has been taken by Access Bank Plc with the launch of an SME Academy.
The financial institution said entrepreneurs will receive adequate training tailored to help them scale up their ventures and remain afloat.
Access Bank said it was coming up with this initiative in Nigeria following its successful rollout in Ghana, which led to measurable improvements in SME performance in the West African neighbouring nation.
It said small business owners would be equipped with essential skills, knowledge, and resources for sustainable growth.
The SME Academy will run multiple times annually, eventually becoming a pipeline for continuous mentorship and engagement.
The maiden cohort focuses on businesses operating for three to four years and looking to scale. The curriculum covers strategic planning, digital marketing, financial management, access to finance, and operational efficiency areas identified as common challenges for Nigerian SMEs.
The Head of Retail Banking at Access Bank, Olumide Olatunji, said, “Given the opportunities within Nigeria’s population and the central role SMEs play in sustaining the economy, it became necessary to bring this initiative home.”
The Group Head of SME Banking at the lender, Ms Abiodun Olubitan, explained that the inaugural edition targets 80 established business owners and is structured as a three-day intensive training.
The programme focuses on strengthening business structures, improving financial readiness, and boosting survival rates in a sector where many firms fail within five years.
“SMEs contribute over 80 per cent to GDP globally, so supporting them is essential. Our research shows that inadequate capital and weak capacity are major reasons businesses collapse. The academy addresses these gaps by providing practical tools entrepreneurs can immediately apply,” she stated.
Although the programme does not include grant funding, Access Bank will offer financing opportunities to participants who demonstrate strong business capacity and bankability after the training.
“Funding is important, but we want to support entrepreneurs who have the capacity to manage it responsibly. The academy helps us build that confidence,” Ms Olubitan added.
Participants praised the initiative for delivering high-quality training at no cost, with the chief executive of TMA Global Consult, Ms Juliet Ike, describing it as a timely opportunity to strengthen her business structures, while Dr Onipidan Adebayo of ShawBC Ventures highlighted the value of receiving business school–level insights for free.
With over 39 million MSMEs contributing more than 80 percent of employment and nearly half of Nigeria’s GDP, Access Bank’s SME Academy arrives at a pivotal moment.