Business
Stakeholders Laud FG’s MSMEs Clinic Initiative
Business stakeholders have commended the Federal Government for the initiative of Micro, Small and Medium Enterprises (MSMEs) enlightenment clinics across the country.
The stakeholders, who participated in the clinic, told newmen in Abuja that the session gave them the opportunity to interact with relevant business regulations.
The MSMEs clinic is an initiative of the Presidency and it is aimed at addressing problems of enterprises across Nigeria.
The clinic is to increase the efficiency of MSMES by providing solutions through time-saving approach.
Managing Director, Electrical-Control Devices, Mr Lawrence Nwachukwu, said that access to most of the business regulators had been one of the challenges faced by small business owners.
Nwachukwu said with the clinic, the regulators were available and ready to provide services that would be beneficial to MSMEs.
“Most times, it is difficult to have access to the regulators but with this clinic, it was very easy and so, we will only follow up,” he said.
He advised that for small business to grow properly, relevant authorities must be interested in Made-in-Nigeria products.
Nwachukwu said that although some of the products may not be up to standard, they should be encouraged through patronage, adding that whoever wanted integrity would produce good quality products.
“The truth is that business is all about integrity and good name,” he said.
Mr Auwal Ibrahim, Director, Solar Power System Limited, said that he was able to meet some financial companies that promised to assist in lifting his business.
Ibrahim said that the business clinic also created an opportunity for participants to meet prospective local and foreign buyers who would market the products internationally.
He said that the clinic was a good ground to empower players in the MSME sector, which in turn would help the country to achieve sustainable economic growth and development.
On her part, Mrs Halima Musa, a Shea Butter producer, said the clinic created a forum where business owners were sensitised on policies, programmes and initiatives designed by the Federal Government for supporting and encouraging MSMEs.
Musa called on the Federal Government to sustain its empowerment plan for the MSMEs in order to improve small businesses in the country.
“I tell you, MSMEs are the largest employers of labour in the country, and have the prospect of employing more if supported,” she said.
Musa added that small business owners faced the challenges of access to fund, multiple taxation, inefficient power supplies and lack of basic knowledge to start and run a good business.
According to her, the clinic was an indication that the Federal Government would give local manufacturers a sense of belonging.
A businesswoman, Ms Ngozi Okafor, advised that the Federal Government should carry out such clinics after five or six years to properly monitor the progress.
Okafor said that the initiative should not end as other government programmes, without follow-ups and monitoring.
Business
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The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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