THE Bank of Industry, the Small and Medium Enterprises Development Agency of Nigeria and the Nigeria Export-Import Bank have hired the services of a ratings agency to conduct ratings on the Micro, Small and Medium Enterprises operating in Nigeria.
Dun and Bradstreet Nigeria Limited, a ratings agency, has been authorised by the listed agencies of government to conduct due diligence analysis on all existing SMEs in Nigeria. Parties involved in the development signed a Memorandum of Understanding at an event that was chaired by the Minister of State for Trade and Investment, Aisha Abubakar, on Thursday in Abuja.
Nigeria currently has over 37 million SMEs, with most of them adjudged unviable due to challenges which include lack of access to finance and poor infrastructure, a development
that makes many of the firms susceptible to early demise. Abubakar said access to finance was the major challenge confronting the country’s SMEs.