The Nigerian Association of Small and Medium Enterprises (NASME) has unveiled plans to lobby government through the executive and legislative arms to approve policies to reduce the cost of funding micro, small and medium enterprises in the country.
The President, NASME, Prince Degun Agboade, explained that the move by NASME will not only bring down the cost of funding the MSME sector, but also provide a window for continuous pool of funds for MSMEs to access with conditions similar to what is obtainable in developed economies.
The NASME boss at a press conference, added that beyond this, the new council under his leadership would re-jig its fund generating capacity internally to cushion the shortfall from public sector funds for enterprise development in the nation.
In his words: “We have to seek ways to make access to low interest funding accessible to MSMEs in the country at a single digit rate. Most developed economies of the world have been able to transform their economies by providing low interest seed funds to boost MSME development. Except we do this, we will not be able to develop the MSME sector.”
He however commended the Bank of Industry (BoI) in its efforts geared towards MSME development, pointing out that over N5.6 billion had been disbursed to MSMEs in the last 18 months.
He said all major stakeholders tasked with the responsibilities of enterprise growth at various respective and relevant organizations in public and private sectors will be identified and properly sensitized on the imperative of conducive business environment for MSMEs to flourish.
“In doing this, the new council will galvanise the stakeholders in supporting bills that will be sent to respective bodies to address policy defects that are inimical to the development of MSMEs,” he said.