MSMEs
By Kazeem Akande
Lagos, May 22, 2018 (NAN) The Federal Government needs full support and participation of Micro, Small and Medium Enterprises (MSMEs) to properly tap into the non-oil sector, small scale industrialists have said.
Mr Segun Kuti-George, President, Nigeria Association of Small Scale Industrialists (NASSI), made the assertion in an interview with the News Agency of Nigeria (NAN) Lagos on Tuesday.
Kuti-George said that tapping into numerous opportunities in the non-oil sector would promote export and improve citizens’ standard of living
“Government should tap into the immense opportunities abounding in the non-oil sector to promote exports and improve standard of living of the people.
“The association recognises that these efforts require the full participation and support of MSMEs to succeed,’’ he said.
He urged the Federal Government to assist MSMEs with accessible loans.
Kuti-George said that accessibility to funds posed a great challenge to MSMEs.
“We want government to come up with accessible developmental funds for local manufacturers for effective production of goods and market development.
“We have engaged the government severally on this issue. With government’s financial assistance, locally made products will be cheaper compared with imported ones.’’
According to him, loans offered by commercial banks are not accessible, as many MSMEs do not have the collateral required to access them.
He urged the Federal Government to give MSMEs loans without collateral to accelerate their growth, advance the economy and improve citizens’ standard of living.
He noted that Lagos State Government introduced an Employment Trust Fund for MSMEs in the state to enable them to access loans without collateral.
NAN reports that the Fund gives loans at five per cent interest rate with two guarantors. The loan is repayable over three years.
The state government says the fund is aimed at encouraging entrepreneurs and boosting economy. (NAN)
AKA/COF/IGO
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Edited by Oluyinka Fadare/Ijeoma Popoola