Small Businesses to Engage Government Over Funding Policies

As a result of the rising challenges facing micro, small, and medium enterprises (MSMEs) in the country, with access to finance being the major bottleneck, the Nigerian Association of Small and Medium Enterprises (NASME) has revealed plans to involve the executive and legislative arms of government to approve policies to reduce the cost of funding MSMEs in the country.

According to the president, NASME, Mr Degun Agboade, made this known at a press briefing recently in Lagos, the move by the NASME will not only bring down the cost of funding the MSME sector, but also provide a window for continuous pool of funds for the MSMEs to access with conditions similar to what is obtainable in developed economies.

“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 said.