Matilda Ndu Mmegwa has emerged as the 2025 winner of the UK Research and Innovation (UKRI-ESRC) Impact Award, under the Coventry University ESRC-IAA postgraduate research, for her PhD research on: ‘Driving Growth for SMEs Via The Use of Sustainable Finance: The Case of Nigeria’.
The award was a testament of the efforts by Matilda Ndu Mmegwa to advance sustainable finance in the SMEs sector in Nigeria for socioeconomic growth.
This, it noted, reaffirmed her keen drive for sustainability, innovation, competitiveness and inclusivity.
In their comments, the ESRC-IAA Panel of Expert Reviewers stated:
“This research has an extremely impressive list of beneficiaries and is remarkably ambitious in scope. This looks like a very worthy application with good potential for delivering real change.
The research critical issues of sustainable growth, efficient resource utilisation and job creation challenge nations, especially the developing and emerging economies, including Nigeria.
Although Small and Medium Enterprises (SMEs) have the potential to contribute significantly to addressing these challenges, they face major hindrances including ease of doing business, unfavourable policies, informalities, and a significant finance gap.
Traditional finance is expensive and short-term, and global shift to sustainability has increased investors’ eco-consciousness, making them prefer sustainable finance (SF) and sustainable businesses.
This research focused on Sustainable Finance for growth of Nigerian SMEs and, thus critically investigated how Sustainable Finance (SF) is leveraged in Nigeria for driving sustainability and growth of SMEs. Key focus was on the banks (supply-side) and the SF ecosystem, especially evaluating (1) the factors that influence SF products design, (2) how products are deployed to SMEs, and (3) the impact of SF on SMEs and socioeconomic development.
Resolving these challenges will position the country to achieve long-term sustainability (a key consideration for local and global investors), sustainable economic development, environmental protection, and social equity that reflect better access to education, healthcare, and good living standards.
Financing SMEs for efficient resource utilisation will lead to better governance and policy outcomes, maximise economic growth and improve competitiveness. Additionally, through job creation, SMEs will stimulate local economies, reduce unemployment and catalyse human capital development by upskilling and reskilling people in key areas especially the growing sustainable sectors such as technology, healthcare, agriculture and renewable energy.
Based on the findings the research created a new Sustainable Finance model for Nigeria SF ecosystem. This model will aid the identified SF ecosystem Actors (Banks, other SF Suppliers, SMEs, Corporates with SMEs supply chain, SF Enablers and Ecosystem Stakeholders and SF Policymakers) in improving the SF ecosystem in Nigeria. Key recommendation is digital transformation of the SF distribution (supply-side and demand-side) to address practice gaps, de-risk SMEs and improve efficiency of SF ecosystem.
Leveraging the research result should enable Nigeria to achieve the needed transformation of the SMEs sector. SF ecosystem Actors need to come together and leverage insights from the research results to co-create a solution that would enhance sustainable finance ecosystem in Nigeria for improved sustainable practices, business growth and socioeconomic development.
There is need to shift from the current policy direction that responds to SMEs’ finance gap by using government-funded grants, interventions funds, and concessional finance, to more comprehensive ecosystem-based policies that focus on catalysing SF Enablers to support the banks in driving local SF for growth of SMEs.”
