SMEs and Ventures

Nigerian SMEs to get concessionary funding

If all goes well, SMEs in the country will soon have access to concessionary funding rates under an arrangement to be brokered by the Federal government. This was disclosed on Tuesday by the President, Mohammadu Buhari in a statement read on his behalf by the Vice President Yemi Osinbajo, during the SME Financing Conference ’Bridging the Nigerian SME Funding Gap’ organized by the Nigerian-American Chamber of Commerce, Kaduna State chapter and  the United States Embassy. The President observed that the SMEs are currently underserved and that the government is working at having a large impact base for the SMEs

According to the vice president who represented the President, the government is looking at working with and through cooperatives,  trade organisations and association so that the concessionary funding rates could be accessed by large numbers of SMEs.

While appreciating the importance of SMEs to the economy and the various efforts by government and government organizations including the CBN to ameliorate the problems of the SMEs, noted  that the sheer number of businesses means that only a few have being impacted upon and therefore the challenge is that of increasing the volume and number of SMEs affected by government interventions.

In his contribution, US assistant secretary of state, Economic and Business Affairs, Charles Rivkin,  said  that when it is good for SMEs then it is good for all and that with the huge population of Nigeria, SMEs remain the driver to growth and sustainability.

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