The bank’s Managing Director and Chief Executive Officer, Olusegun Alebiosu, said FirstBank had supported businesses across areas such as rice milling, plantation agriculture and palm oil processing through financing arrangements designed to promote domestic production.

Alebiosu spoke during a breakout session at the 32nd Nigerian Economic Summit in Abuja on Tuesday, October 27, 2026. He stressed that access to finance for productive businesses was essential to industrialisation and sustainable economic growth.

According to him, Nigeria needs a stronger industrial base to provide employment for its growing population and the increasing number of graduates entering the labour market. He said financial institutions could help businesses establish factories, acquire raw materials and manufacture goods locally.

The FirstBank chief executive also explained that the benefits of industrial investment extend beyond direct factory employment. Industrial communities, he noted, can generate additional economic activity in transportation, food services, housing, education, healthcare and other supporting sectors.

He encouraged entrepreneurs to explore opportunities in manufacturing, agro-processing, industrial power generation and industrial clusters. Expanding these activities, he said, could strengthen local supply chains, reduce dependence on imported products and create more opportunities for Nigerian businesses.

However, Alebiosu identified poor credit discipline and loan repayment challenges as major obstacles to financing productive enterprises. He said defaults could make financial institutions more cautious about lending, limiting the funds available to businesses seeking to expand their operations.

He maintained that entrepreneurs seeking financing must demonstrate the ability to repay loans, maintain financial discipline and possess the technical and managerial skills required to run sustainable businesses.

Addressing the high cost of borrowing, Alebiosu acknowledged that elevated lending rates could discourage investment and place pressure on manufacturers. Nevertheless, he urged entrepreneurs with viable business proposals to continue exploring opportunities in the productive sector rather than abandoning them solely because of borrowing costs.

He also pointed to foreign exchange stability as an important factor in business planning, particularly for companies that depend on imported machinery, raw materials and other production inputs.

Alebiosu questioned the practice of requiring commercial banks to guarantee loans from institutions established to support industrial development. He suggested that such arrangements could reflect concerns about the ability of some businesses to meet their financial obligations.

He further warned against granting loans to entrepreneurs who lack the capacity to manage projects effectively, stressing that borrowed funds should be applied to their intended purposes.

The FirstBank chief executive also highlighted the bank’s FirstGem initiative, which supports women-owned businesses. He said the programme had expanded into areas including tailoring, fashion, beauty and food processing, with a focus on helping women develop productive enterprises.

According to Alebiosu, supporting women entrepreneurs can strengthen household incomes, enable businesses to grow and create additional employment opportunities. He added that younger women were increasingly participating in the initiative.

The bank reaffirmed its commitment to supporting women-led businesses and productive investment as part of its broader approach to entrepreneurship and economic development.

His remarks came as the 32nd Nigerian Economic Summit, held on October 26 and 27 in Abuja, brought together public- and private-sector stakeholders to discuss ways to translate economic reforms into jobs, improved productivity and shared prosperity.

Reporting by TalkNaijaMedia