LAGOS — Small and medium-sized businesses have called for improved access to affordable credit, saying financing constraints continue to limit their ability to expand operations and create jobs. SMEs make up a significant part of economic activity and provide employment for millions of Nigerians, but many businesses struggle to secure suitable financing. Banks and other financial institutions often require documentation, collateral or repayment conditions that smaller businesses may find difficult to meet. Even when loans are available, high interest costs can discourage borrowing for expansion. Businesses need different types of finance depending on their stage of development. New enterprises may require working capital, while established companies may need longer-term funding to purchase equipment or expand facilities. Financing products should therefore reflect the different needs of businesses. Government-backed programmes can help reduce some barriers, but such schemes require transparent eligibility criteria and efficient administration. Entrepreneurs need clear information about how to apply and what obligations they will have. Digital lending platforms have expanded access to finance for some businesses, although borrowers also need protection from unfair terms and excessive charges. Financial literacy is important because business owners need to understand the costs and risks associated with different forms of credit. Better record-keeping can also improve access to formal finance. Businesses that maintain reliable accounts and transaction records are better positioned to demonstrate their financial performance to lenders. Training programmes can help entrepreneurs develop these skills. Access to markets is another part of the financing problem. A business with reliable customers and predictable revenue may be better able to repay loans. Government procurement programmes can provide opportunities for local businesses, while larger companies can develop supply-chain relationships with smaller suppliers. Infrastructure also affects SME performance. Poor electricity supply, transportation difficulties and high communication costs can reduce the amount of money available for investment. Lowering operating costs can therefore improve the ability of businesses to use financing productively. Small businesses are important to employment because they can create jobs in communities where large companies may not operate. Supporting them can therefore contribute to broader economic inclusion. However, financial support should be accompanied by measures that improve productivity and competitiveness. Businesses need training, technology and market access as well as money. Women and young entrepreneurs may face additional barriers to finance and can benefit from targeted programmes where evidence shows that such barriers exist. Financial institutions can also develop products based on the needs of specific sectors. Agriculture, retail, manufacturing and services often have different cash-flow patterns and financing requirements. A more flexible financial system could therefore serve SMEs better. Stronger credit information systems can also help lenders assess borrowers without relying excessively on physical collateral. This can expand access while allowing lenders to manage risk. The government and financial sector have a shared interest in strengthening small businesses. When SMEs grow, they can create employment, expand the tax base and increase demand for local goods and services. Improving access to appropriate finance is therefore part of the wider effort to support economic growth. Business owners say that predictable policies, lower operating costs and accessible financing would provide a stronger foundation for expansion. Addressing these issues could help more Nigerian businesses move from survival to sustainable growth.