Stakeholders seek support for MSMEs growth

By Fatima Muraina

Stakeholders in private sectors and the International Development partners have been urged to support the growth and development of Micro Small and Medium Enterprises (MSMEs) in Nigeria.

The Director General Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Umaru Radda made this call at the 2019 MSMEs day celebration held in Akure.

  Radda noted that the support of stakeholders will help to achieve the desired goal of economic prosperity for all through job and  wealth creations, poverty alleviation and food security.

Radda, who was represented at the event by the state manager of SMEDAN, Mr Biodun Ayedun,  emphasized  the need for the establishment of a micro, small and medium  development banks.

 He said establishment of  banks will address the fundamental funding challenges confronting MSMEs in the country.

 According to him, the 2019 theme which is “big money for small business: financing the SDGs” focus on finance which he said is expected to raise awareness on the need for greater investment in MSMEs in sustainable Development Goods (SDGs).

 Speaking at the occasion, the representative of the Central Bank of Nigeria, (CBN), Mr Olumide Aina said there are many credit facilities opened for accessment at the bank.

  Aina disclosed that banks demand for interest rates on loans granted to meet up the overhead cost and that the clamour for low rate like two percent are not visible.

 He also noted that interested loan seekers need to meet some criteria before such loans could be granted.

While noting that CBN has limited resources for awaremess creation, Aina reeled out some measures such as checking CBN website, attending seminars, workshops and  CBN trade fairs to get information about the credit facilities available in the bank.

 Representative of the Bank of Industry (BOI), Mr Femi Ashaolu identified integrity and accessibility as  major bane to loan disbursement, saying that integrity affects accessibility of fund which he noted should be addressed.

He urged entrepreneurs, to have experience in a business venture before applying for loan so that they can be self sustained when such loans are granted .

The State Chairman of Manufacturers Association of Nigeria (MAN) Engr. Emmanuel Adewunmi attributed non accessibility of loan to politicisation of the whole process such that the real stakeholders were sidelined.

Adewumi said government ought to work with the business associations and not individuals which he said truncated the credit facilities available to MSMEs.

He charged government and institutions to always work directly with associations who really know their members for easy repayment for others to also benefit.

An economist and a seasoned consultant on SMEs Fessy Olabode charged the state government to give priority to the Ministry of commerce and Industry by appointing an experienced Commissioner to resuscitate the ministry.

Earlier, the CEO of GBB yogurt, Mr Feyibunmi had shown disappointment of inability of real stakeholders to access fund.He urged BOI to always work with the stakeholders on ground and not those that cannot be reconed with.

The Director General of the Ondo State Chamber of Commerce, Industry Mines and Agriculture (OSCCIMA) Mr Ogundare Olufemi said the chamber is being repositioned and set for  digitalisation.

He said stakeholders businesses  would be visible for online marketing.

   The CEO of Green Goldtea, Mrs Oluwatomi Olatoye advised on the need to focus more on making business visible through quaterly exhibition and marketing.

The Deputy Director and Zonal Coordinator, Federal Institute of Industrial Research (FIIRO) South West zone, Mr Ogundeyi Kayode advised that an in house cleaning be done  for  more enterprise.