Nigeria Pledges Single Digit Interest Rate Funding for MSMEs
The Federal Ministry of Industry, Trade, and Investment (FMITI) have pledged to support Micro, Small, and Medium Enterprises (MSMEs) to access credit at a single-digit rate.
The Minister of State for FMITI, Mrs. Maryam Katagum, said this on Friday when members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in Abuja.
According to her, there is a lot of commendation at the recent retreat Mr. President had with the ministers for the MSMEs.
“In his closing speech, Mr. President specifically said that every support will be given to ensure that MSMEs have access to credits.
“That is what we always preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits,’’ Katagum said.
The minister, who pointed out the critical role MSMEs play in growing the economy, said this role was further heightened during the COVID-19 lockdown.
“Even the woman selling groundnut or `akara’ couldn’t come out to practice her passion and everybody felt the effect of the lockdown.
“We have to appreciate President Muhammadu Buhari for interventions that were provided for MSMEs during the lockdown.
“And once it was identified to put in some mechanism to stop the economy from going under, our ministry is one of the ministries asked to make submissions to see how to keep the economy going and ensure free flow of goods and services across the country.
“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot of progress.
“Average Nigerians appreciated the efforts and we have seen them giving their testimonies and right now we are on the last track which is the guaranteed off-take scheme,’’ the minister said.
She appealed to the association to identify innovative ways that the Federal Government can assist MSMEs.
“As partners, your association has to start thinking of new innovative ways that we can assist MSMEs, it’s not just the finance.
“…when you give them the money, they don’t know what to do with the money so you need to intensify the capacity building and sharing of information to know what is happening and where,’’ she said.
Earlier, the President and Chairman of the governing council of NASME, Dr. Abdulrashid Yerima, expressed the association’s commitment to deepening the relationship with the ministry.
Yerima appreciated the ministry for including NASME in various committees set up by the government to support the development of MSMEs in Nigeria.
He, however, sought the appointment of members of the association to the boards of parastatals under the ministry and solicited the ministry’s support for inputs into human capital development for the association.
“Our association serving in the board of revenant agencies under the ministry will help us to make informed inputs into the policies of the agencies that impact MSME growth and development in Nigeria.
“Also support for capital development for our association is crucial for the development of skills and manpower to upscale MSMEs especially NASME,’’ Yerima said. #Nigeria Pledges Single Digit Interest Rate Funding for MSMEs.