The President, National Association of Microfinance Banks (NAMB), Mr. Valentine Whensu has said that about N9.6 trillion financing gap exists in the Micro Small and Medium Enterprises (MSMEs) sector.
He also said that out of the N220billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) launched in September 2013, only five microfinance banks and nine states out of the 20 that applied have accessed the fund.
Whensu said this during NECA’s Network of Entrepreneurial Women (NNEW) roundtable workshop on how to access the N220 billion MSMEDF.
“There are 17, 284, 671 SMEs in Nigeria employing 32, 375, 460. These MSMEs contribute a total of 79 percent to GDP. N9.6 trillion financing gap in MSMEs sector in Nigeria, commercial bank loan to MSMEs at a percentage of total credit decreased from 48 percent in 1992 to 0.2 percent in 2010, meaning that MfBs will give out this money,” he said.
Whensu stated that the CBN started with a good initiative of N220 billion for MSMEs, but they find it difficult to collect the money because there are conditions attached.