NACCIMA wants  CBN to allow it  serve as intermediary for SMEs

With the challenges of accessing interventionist funds from relevant government agencies, the Nigerian Association of Chambers and Commerce, Industry, Mines and Agriculture  (NACCIMA) has urged the Central Bank of Nigeria(CBN) to allow it serve as intermediary for SMEs in accessing such  intervention  funds.

This is against the backdrop of the several interventionist funds of the Federal Government, the recent being the N220 billion SME Fund floated at the twilight of the  last administration, which  Bassey Edem,the President of NACCIMA said had not been accessed by any member of the association.

Edem suggested to the Central Bank of Nigeria to review some of the modalities and allow NACCIMA stand as intermediaries for their accredited members, and even become part of the board of such companies seeking such loans.
“I don’t even know of any of my members that succeeded in accessing the SME interventionists funds of the Federal Government, because there are lots of conditionalities which we say are so formal.

What we are saying to the authorities is that we know these members; we know their companies, and we know those of them that are running these companies. What the Central Bank does is to release the funds to the commercial banks and holds them accountable for it. We ask them, ‘release these funds to the SMEs under our guarantee and our authority since we can vouch for this people,” he said.

“If you do that, we would ensure that the company uses the company effectively. The CBN can also say, ‘let some of the representatives of NACCIMA be in the board of  that company to ensure it does not contravene any laws.’

This is time to get our priorities right. To do that, you must begin to look at the areas that are key to the economy. It is obvious supply chain of forex has dwindled but we must prioritise to save the economy,” he added.

Harrison Edeh