By Adeola Badru

IBADAN—VICE PRESIDENT Yemi Osinbajo said, yesterday, that the establishment of Micro, Small and Medium Enterprises, MSMEs, were conceived and designed to bring the regulatory agencies whose work affects the business experience of MSMEs nearer to them.

He also said that regulatory agencies must not be obstacles but facilitators of business.

He said this at the 17th National Micro, Small and Medium Enterprises, MSMEs in Ibadan.

Osinbajo, who was represented by his Special Assistant on SMEs, Mr. Tola Johnson said: “Having all the agencies in one location at the same time saves MSMEs the travel time and cost of going to different agencies.

“MSME clinics have also enabled regulatory agencies to gain a better understanding of the difficulties that MSMEs face and caused them to take steps to remedy the situation where required.

“For instance, several agencies have reduced the cost and timelines for service delivery to MSMEs. Since the launch of this programme last year, it has been easier for small businesses to access funds, because the Bank of Industry (BoI), Development Bank of Nigeria, DBN, and NEXIM Bank have used it to expose their products and increase their loans to MSMEs.”

Earlier, in his remarks, Governor Abiola Ajimobi of Oyo State, pledged his administration’s support for the sector owing to its significant contribution to the nation’s economy.