By Yinka Kolawole & Naomi Uzor
The Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA) has applauded the Federal Government for initiating a 5 percent credit scheme for Micro, Small and Medium Enterprises (MSMEs) aimed at stimulating the nation’s economy.
In a statement, National President of NACCIMA, Iyalode Alaba Lawson, said the move is a welcome development for Nigeria’s economy, adding that it would further stimulate the productive sectors of the economy, create jobs and provide new opportunities for the MSME operators.
“This initiative with its single digit credit facility which we have been clamouring for, if well managed, will boost activities in the MSME sector. In the process of its implementation, we call on the Federal Government to ensure that Organised Private Sector and other stakeholders play active role in the operations of the new initiative.
“NACCIMA as the apex body of all Chambers of Commerce in Nigeria with membership cutting across all sectors of the economy and membership presence in all states of the federation is ready to partner with the federal government in ensuring access and the proper utilisation of the loan facility,” she stated.
The Vice President, Prof. Yemi Osinbajo announced the new initiative by the federal government to provide five percent credit facility ranging from N2 million to N10 million to MSMEs in the country without collateral, at the maiden edition of the MSMEs Award in Abuja last week.
He stated: “We have partnered with the Central Bank of Nigeria (CBN) and commercial banks, to launch a credit facility that we will make available to MSMEs; loans from N2 million to N10 million, with little or no collateral, for 5 to 7 years, and at an interest rate of 5 percent. All that you will need to provide is a bankable business proposal and guarantors.
“The government is also exploring an initiative to allow a special window of 90 days for MSMEs, who have not registered their businesses to do so at a highly subsidized price. This is a special initiative of the Corporate Affairs Commission (CAC).”
The vice president also disclosed federal government’s plan to launch Shared Facilities for MSMEs Initiative, in partnership with the Bank of Industry (BoI), Federal Inland Revenue Service (FIRS), Nigerian Export-Import Bank (NEXIM), Nigeria Export Promotion Council (NEPC) and the private sector led by Access Bank.
Osinbajo noted: “This initiative will provide MSMEs with access to fully equipped cluster-style facilities, for which they can pay an affordable fee to operate out of. These facilities would have been pre-certified by the relevant agencies like National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Industrial Training Fund (ITF), NEPC, thereby removing layers of bureaucracy that in the past held back many aspiring entrepreneurs. With these shared facilities, you would already have the necessary licenses that you need from the regulatory authorities; using those facilities would mean that you don’t have to go through all the regulatory bureaucracies.”