Nigerian Association of Small Scale Industrialists (NASSI) has called for a review of the funding mechanism for Micro, Small and Medium Enterprises (MSMEs) in the country to facilitate easy access to loans.

The newly elected National President of NASSI, Mr Solomon Vougfa, made the call shortly after his election in Abuja. He said the current funds made available by the Federal Government to the sector had a lot of bottlenecks that made it difficult for members to access loans.

He stated: “Improving the financing options for MSME is a political imperative for the government considering their roles in job creation, especially in manufacturing and in rural development.”

According to Vougfa , the steady development of any growing economy was dependent on the ability of small scale industrialists to be more innovative. He described MSMEs as the wheel of economic development, calling on government to provide new measures for its improved funding. He said with no fewer than 100,000 committed members across the country, NASSI is poised for massive job creation, with proper government assistance.

The new NASSI president identified inability to acquire modern equipment to meet up with global standard of production as another challenge facing the MSMEs sector. He urged government to assist them in purchasing modern equipment as many of them could not afford them due to high cost.

He said NASSI would continue to organise workshops, conferences and provide advisory services to members, while also providing information on sources of raw materials, market situations and the required manufacturing standard.

 

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