The Central Bank of Nigeria (CBN) has pledged that it will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.

This was disclosed by the CBN Governor, Mr Godwin Emefiele at the 51st Convocation Lecture of the University of Lagos, Akoka, on Monday in Lagos.

Emefiele said that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.

According to him, special consideration should be given to the strengthening of physical and ICT infrastructure, to enable SMEs perform more efficiently and become globally competitive.

He tasked relevant stakeholders to deepen reforms that would improve human capital development through skills enhancement and proper linkage of research to the SME sector.

Emefiele advised tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets.

The CBN governor advocated enhanced collaboration between universities and players in key sectors of the economy: agriculture, manufacturing and ICT.