By Fatima Muraina

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The Nigerian Association of Small-Scale Industrialists (NASSI), Ondo State chapter, has urged the Ondo State Government to increase funding for the Small and Medium Enterprise (SME) sector to enhance its contributions to economic growth.

The association identified inadequate financial support as a major challenge hindering economic development in the state.

The outgoing chairman of NASSI, Ondo State chapter, Mr Great Seyi Akintunde, made this appeal in a brief interview with The Hope in Akure, the state capital.

Akintunde highlighted key challenges facing small-scale industries in the state, particularly inadequate funding and unreliable power supply.

According to him, the N200 million previously allocated for SMEs and artisans was insufficient, given the large number of beneficiaries, including market women and various industrial sub-sectors.

“The last time, the government released N200 million for SMEs and artisans, but this amount had to cover all the artisans in Ondo State, including market women, the industrial sub-sector, and many other enterprises,” he explained.

“Looking at it critically, we realised that the amount was far too small.

“If you approach someone in the industry with a loan offer of N250,000 or N300,000, they might not even be interested,” Akintunde added.

He also pointed out that many small-scale entrepreneurs, particularly in the Southern Senatorial District, struggle to access loans due to strict collateral requirements.

“Hardly will you find anyone in Ilaje, Ese-Odo, Irele, or Okitipupa who has collateral security.

 They wouldn’t want to obtain a Certificate of Occupancy (C of O) on water, and this hinders them from benefiting from the little support available,” he noted.

Beyond funding, Akintunde identified poor electricity supply as another major challenge affecting small-scale businesses in the state.

 However, he emphasised that financial support remains the most pressing issue.

He stressed that NASSI members play a crucial role in sustaining the state’s economy.

“Our members contribute significantly by producing essential foods like garri, palm oil, and other food items that feed the state and beyond.

“We are not just waiting for the government; we are working hard,” he explained.

Akintunde urged the government to increase funding for SMEs, provide stable electricity, and implement policies that support small businesses.