Stakeholders in the business sector have identified lack of micro, small and medium enterprises (MSMEs) and policies such as multiple taxation, access to finance and free-interest loans as well as ease of doing business as the bane of development in the country.
This was the submission at the International Summit and Exhibition themed: “Economic Reforms and MSME Development for Maximizing Diversification, Opportunities for Indigenous Businesses” which was held on Friday in Abuja.
The chairman, Board of Trustees, National Association of Small and Medium Enterprises (NASME), Ubadigbo Okonkwo said it is high time the Association worked with the Bank of Industry (BoI) in ensuring that MSMEs benefit from available government interventions.
While commending President Bola Tinubu for taking bold economic policy reforms of fuel subsidy removal and unification of official exchange rates which he said have improve the fiscal performance of the economy with more on health and education, Okonkwo called on the Central Bank of Nigeria (CBN) to stop what he described as being a referee and a player in the same field.
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“In May, last year, the Bola Ahmed Tinubu administration made a very strong start by adopting two bold policy reforms that his predecessors had brushed under the carpet; the fuel subsidy removal and unification of official exchange rates.
“The government also took measures to improve the fiscal performance of the economy by spending more on health and education.
“However, a new team in the Central Bank of Nigeria decided to focus on its core mission of price stability and fighting inflation and to exit from development finance.
“I believe that their development finance functions should be transferred to the direct foreign investments (DFIs) in the country particularly the Bank of Industry, DBN NEXIM, BOI and the rest of them.”
NASME President, Dr Abdulrashid Yerima said the Association has been able to distribute machines and equipment to its members at the rural areas as well as facilitating one million naira loans for MSMEs across the 774 local government areas in Nigeria
“I was the special guest of honor at the unveiling of the 300 billion naira to manufacturers last week by the Office of the Vice President of the Federal Republic of Nigeria.
“We have done quite a lot this year alone we have given sewing machines, vulcanizing equipment, welding machines and salon equipment and others to MSMEs in the rural areas in the 774 local governments.
“We also facilitated N50,000 grants.
“Presently, we’re also facilitating the one million naira no loan at nine percent interest rate in all the 774 local governments, because we have been accepted as the National Association of Small and Medium Enterprises,” Yerima said
He tasked government to increase its finance, provide free-interest loans, address issues related to cost of transportation and power which affects the ease of doing business.
The Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odii, who was represented by the Director, Engineering, Technology and Infrastructure, Engineer Anthony Igba, described the summit as an avenue to share information, to ensure MSMEs’ growth and work together to address economic challenges and develop a model for local content.
Also the representative of the Director General of NAFDAC, Hajiya Gire A’isha, said the Agency was collaborating with MSMEs and has rolled out different measures to cushion the effect of the current economic challenges being faced in the business sector.
NIGERIAN TRIBUNE
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