By Yinka Kolawole, with agency report

THE Anambra State government plans to generate over N3 billion in 2017 to assist the Micro, Small and Medium Enterprises (MSMEs) sector in the state.

Managing Director, Anambra State Small Business Agency, ASBA, Mr Clement Chukwuka, said, in Awka, that the plan was part of the agency’s target to raise N20 billion in the next seven and half years in furtherance of government’s commitment to remain the choice destination for commerce in the country.

He said that Governor Willie Obiano was determined to encourage investments and build institutions that would not only promote micro, small and medium enterprises but outlive his administration.

“We are already working with the Central Bank of Nigeria (CBN) to raise more funds. In the past 19 months, the agency had so far funded in excess of 15, 000 people directly in the micro credit schemes and close to 200 for the SMEs which had further created chains of employment.

SMEs returns

Manufacturing cluster

“We have also been able to put in place shoe manufacturing cluster in conjunction with the Standards Organisation of Nigeria (SON) with over one thousand shops built with little funds. They are expected to begin manufacturing of shoes for export.

“Asides from providing finance to entrepreneurs at nine per cent, we are also into mentoring and we plan to open up opportunities for fashion designers, mechanics and artisans this year,” he stated.

Chukwuka further disclosed that the state government in conjunction with CBN had disbursed loans totaling N2 billion through the agency to revive moribund industries since June 2015. He said the agency also plans to establish ASBA Business Academy for training and certifying artisans in conjunction with the state Ministry of Science and Technology.

According to him, our aim is to ensure that paper qualification becomes a thing of the past because we want people to make a living despite the economic recession. “ASBA is a development financial institution of the state created to cover areas of industrialisation, value added chain programmes, artisans, science and technology, oil and gas, and manufacturing sectors. Major Anambra rice millers and the clusters that export vegetables from the state are funded by the agency to boost the agricultural sector,” the agency boss said.

He said that micro credit entrepreneurs who applied for funds received between N100,000 and N500,000 while between N5 million and N50 million was approved for successful applicants under the SMEs programme. He added that ASBA had impacted on over 60,000 businesses directly and indirectly in the state, noting, however, that the agency had strict policy for recovering every loan.