Business
NEPC Trains Farmers On Bankable Business Plans, Funds Accessment
The Executive Director of Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, has identified inability to write credible and bankable business plans as one of the major limitations of the Micro, Small and Medium Enterprises (MSMEs).
He said this has been the main reason they find it difficult to access government intervention funds and loan from financial institutions.
Yakusak, who stated this during a training workshop on “How to write Bankable Business Plans”, noted that many of the MSMEs operators in the country faced the challenge of writing bankable business plans to attract grants and loans.
Represented by the State Coordinator of NEPC, Arch. Benedict Itegbe, Yakusak disclosed that the council is desirous of promoting development and financial inclusiveness of MSMEs exporters.
He said the training became necessary to equip MSMEs with necessary skills and information to assist them in accessing finances for their export businesses and to boost the non-oil export businesses.
He said: “In the global world, MSMEs can be categorised as the driving force for the diversification of every economy and development. Financing this sector is the fuel that accelerates the growth of the industry.
“MSMEs should be eligible for financial support by the ability to develop a Bankable Business Plan with a good description, analysis or projection, other essential compact templates about the progress and performance of non-oil export businesses”.
He urged participants to take advantage of the training for the understanding of financial literacy and creditworthiness to access financial facilities for MSMEs to accelerate the growth of the enterprises, especially the agric sector, which will translate to the growth of national economy.
Speaking, the Manager of Bank of Agriculture (BOA), Ondo State Branch, Agunbiade Adefolaju, expressed the readiness of the bank to contually support farmers in the state for agricultural growth with a view to eradicate poverty and food insecurity
Adefolaju said the BOA will be ready to collaborate with NEPC and other organizations to finance agriculture in the state, saying more than 100 farmers have been awarded loan to finance their projects this year.
He said the bank was committed to facilitating increased credit to farmers at affordable interest rate to ensure food security, saying, “we have been taking care of the rural farmers and peg the interest rate to one percent per month. This is not stressful to farmers in payments”.
He commended NEPC for using the training to create a convergence of private and public sector players, investors and agricultural practitioners across the entire value chain.