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Expert Advocates a Novel Approach to Leveraging Data Finance For SME Growth in Nigeria [Video]

In Nigeria’s dynamic economic landscape, Small and Medium Enterprises (SMEs) are pivotal in driving growth, innovation, and job creation.

Despite their importance, SMEs often need help accessing financing, which can stifle their potential and impede national economic progress. As a professional with extensive experience in data finance, fintech, and product analytics, there are strategic data applications that can transform business outcomes. 

Data finance expert, Oluwatoyin Ajoke FarayolaSource: Original

The Challenge: SME Financing Gaps in Nigeria

SMEs in Nigeria contribute approximately 48% to the national GDP and account for 96% of businesses and 84% of employment. However, access to finance remains a critical barrier. 

According to the Central Bank of Nigeria, the SME credit gap is estimated at around ₦617 billion. Traditional banking models often fail to accurately assess the creditworthiness of SMEs, leading to higher borrowing costs or outright denial of credit. This disconnect hinders the growth and sustainability of these vital businesses.

The Role of Predictive Analytics

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How China Is Rewiring Its Faltering Economy [Video]

Xi Jinping has a plan to fix his country’s faltering economy and offset the pain caused by the property crisis. The goal is to move up the value chain. Out with dirty, low-end manufacturing and in with new industries like solar and electric vehicles. The problem, however, is Chinese consumers aren’t spending. Also, Beijing faces a tense trade and geopolitical landscape with the US and Europe.00:00 Introduction 01:05 China’s growth story 01:54 Solar firm GCL 02:50 Hi-tech sectors04:05 Tariffs and weak consumption07:09 Model of success If you want to read more on China’s “great rewiring,” click here: https://trib.al/25srtVZFor more on Xi Jinping’s plans for the Chinese economy, click here: https://trib.al/4zPyDoh Sign up here for the Next China newsletter to get Bloomberg’s weekly dispatches from Beijing: https://trib.al/kX4Zyws--------Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginalsBloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.