Government urged to create more Dfis for the SME sub-sector (2)

He encouraged the Federal government and the Central Bank of Nigeria (CBN) which is the apex bank to have more oversight functions on the disbursement of this fund rather than its setting aside.
Nasme observed that the outgoing administration had gone steps further than past regime in terms of SME promotion and regulation of environment for the economic development of Nigeria, especially with the establishment of small and medium enterprises development agencies of Nigeria (Smedan), the creation of small and medium enterprises equity investment scheme (Smeeis), the micro-finance policy, special loan scheme to the agricultural and textile sectors and a host of others, which have had a tremendous impact on the Smes, there is still the need for specialized institutions like the Dfis for the incoming administration to consolidate on the gains of these achievements.
Despite the giant strides made by the present government, it is not all well with the SME sub-sector.
The association president, Dr. Ike Abugu while presenting a life-time award to the president, Chief Olusegun Obasanjo represented by Dr. Aliyu Moddibo Umar, honourable minister for commerce and industry recently in Abuja as the most SME friendly president in Nigeria’s history, appealed to the federal government to re-engineer the NBCI with a view of making it an SME bank, explaining that members still encounter serious bottlenecks in assessing long term finance as there are limited windows catering for the needs of Smes
He observed that since the creation of Nasme, no deliberate policy had since been formulated to ensure that it receives an annual subvention or grant despite the numerous challenges of its mandate. The association therefore appeal that the government would look into the issue as it’s the case in other developed and developing countries to get annual subvention and grants.
The association also berate the non inclusion of Nasme on the board of directors of federal government agencies and departments providing services to the SME sub-sector, it therefore appeal through the minister of commerce and industry to Mr. president to revisit all board appointments of these institutions and let Nasme be represented for both strategic reason and more effective mandate execution by the institutions.
Nasme is in the forefront of advocating policies and incentives central to the development, growth and sustainability of Smes in Nigeria, it was formed in creating a strong private sector led business membership organisation in the country that would build a virile SME sub-sector of the country with other stakeholders.
The association has instituted an annual award to recognise the central role of SME in the nation’s economy, as there is no single award currently to celebrate individuals and institutions that have made profound impact on the growth and development of Smes in Nigeria.

By Adewumi Olumide