Nigeria to open office to monitor access to finance, training for medium, small businesses, says minister
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Hope of a better deal for the MSMEs has been rekindled following the decision of the Federal Ministry of Trade, Industry and Investment to open a project monitoring office on access to finance and training for the business outfits under the National Enterprise Development Programme, (NEDP) Aisha Abubakar, minister of state for Industry and Investment has said.
The programme is geared towards backing the growth of MSMES with increased access to affordable financing and skills development for youths nursing enterprising ideas.
Speaking while opening the Simply Nigerian Fair which had many entrepreneurs showcasing their works in fashion, food and beverages, home wares and horticulture among others, Abubakar said encouraging entrepreneurial ideas among the youth was imperative to the success of government’s bid to cut the rate of poverty in the nation.
“With the implementation of the presidential executive orders, policies and programme designed by government are to support and encourage ease of doing business, you can be rest assured that the Federal Government is fully committed, with relentless and persistence drive, to SME’s aligning with indigenous businesses on the diversification of the economy by ensuring wealth, more jobs, and sustainable development are enhanced,” said Abubakar who was represented by Bayeru Gafar, the managing director Tafawa Balewa Square Square Management Board.
According to her, SMEDAN, an agency under the Ministry, is also working with financial institutions, including the Bank of Industry and NEXlM to de-risk its loan portfolios to small scale businesses.
The ministry, she said, is also supporting the BoI to embark on SMEs rating, and how to ensure easier credit lending to those that meet risk-acceptance criteria for loan access from the Bank and also to have a credit registry data.
The data is expected to monitor credit behaviour of people and improve access of credit to them. “What is important is that we want Nigerians to know that borrowing from the Bank of lndustry is not to access your own share of the national cake,” she said.