Accessing SME funds becoming more difficult -NASME

The Nigerian Association of Small and Medium Enterprises (NASME) has said that accessing MSMEs funds is now more difficult despite the fact that more funds are currently available for operators.
Eke Ubiji, executive secretary, NASME, made this known to journalists at a press briefing held in Lagos recently.
“There are lots of funds available now for MSMEs but the conditions to access them are too stringent,” Ubiji said.
The executive secretary urged the government to reduce some of these conditions so that MSMEs can easily access funds from development financial institutions.

Ubiji stated that to address the issues and other multiple factors that have hindered the development of MSMEs in the country, the association is holding its 16th international conference and exhibition conference with the theme; ‘Maximising diversification for growth and opportunities through alternate market channels’, on the 24th and 25th October in Abeokuta, Ogun State.

He stated that the association is holding the summit to draw national and global attention to the challenges facing MSMEs in Nigeria with a view addressing the issues and sustaining the rate of industrial growth and development of the national economy.

“A lot of our members have shut down their businesses due to the combination of challenges they face, which is making it difficult for them to be competitive,” he said.

“With the MPR at 14 percent, it is difficult for MSMEs to survive with loans from commercial banks. Also, the infrastructural deficit is still huge and these are some of the issues we will look at when we talk about the ease of doing business,” the executive secretary added.

The summit will be declared open by Vice President Yemi Osinbajo while Aisha Abubakar, Minister of State, Trade and Investment will chair the event and Audu Ogbeh, Minister for Agriculture and Rural Development, will deliver the keynote address.
There will also be exhibitions of research findings and products during the summit. Organisations like the Federal Institute of Industrial Research (FIRO) will exhibit their latest research technology that can help boost MSMEs productivity.

“If we really want to attain what is stated in the economic growth recovery policy document, we still have to intensify our efforts as a country,” Ubiji said.

Josephine Okojie