• Monday, July 22, 2024
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MSMEs lament poor structure, draft policy to aid access to fund

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The Micro, Small and Medium Enterprises (MSMEs) in Nigeria said the lack of coordination has hindered growth and development of the sector; hence, the draft of a policy framework to help members access financial interventions

This was disclosed by Olajide Akinyemi, chairman board of trustees of Forums of MSMEs at the official inauguration of its heldentenor in Abuja.

Akinyemi said: “The importance of MSMEs in national development has continuously resonated in public policies and agenda to foster the growth of the Nigerian economy. However, the precious bride has not received the quantum of attention. Hence, this organisation would be a voice of the needy to move the sector forward.

‘As Oliver twist, we need more, particularly for areas causing pain to MSMEs, prominent amongst which is funding. The Forum has a 5-year Strategy Development Plan for MSME development in Nigeria,” Akinyemi said.

According to him, one of the developments the forum seeks to bring is the establishment of an MSME bank to help promote financial interventions in the sector.

Vera Ndanusa, national president, Nigeria Association of Women in Entrepreneurs (NAWE), in her remarks, noted that the MSME Forum would help coordinate the activities of MSMEs to alleviate financial hurdles, tackle policy problems and land issues.

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She lamented that interventions in the agricultural sector currently runs into billions, but that the ripple effect is not felt in the country because the right BMOs are not sometimes involved.

“The government is trying but we can’t feel the impact of what they are doing because there is no collective platform. Some Business membership organisations (BMOs) sometimes unconsciously keep information that would have been beneficial to members, but with platforms like this we can tackle our common challenges effectively.

“On the issue of land acquisition and policies, this forum will help ensure it is properly done. Some of the current policies are not executed because there was no involvement of stakeholders,” she said.

Caro Nwosu, member of the board of MSMEs Forum, also lamented the stunted growth of small businesses in Nigeria. “This forum will help them get what belongs to them. This organisation will help coordinate their activities and help promote them.

“It will expose them to resources such as raw materials. Packaging, transportation and exportation and preservation are other areas the government really needs to help,” she explained

Organisation is key to development of small businesses in Nigeria; this is one of the things the forum seeks to achieve,” Nwosu said.