Experts decry low funding for small businesses, tasks state governments

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Industry experts have urged state governments across the Niger Delta region to embrace the global growing trend of Digital Economy.

Experts explain how the government can assist with the initial investment, enabling SMEs to improve their financial standing. Photo credit: Mazi Emmanuel Obisue
Source: Facebook

They have also urged the governments to set aside funding to support the growth and sustainability of the Micro, Small, and Medium-sized Enterprises (MSMEs).

Entrepreneurs told to acquire new skills

Speaking on Thursday, June 27, at the 4th Niger Delta MSME Summit/Bootcamp in Port Harcourt, Rivers state, Dr. Martins Fregene, Director of Agriculture, African Development Bank (AfDB), advised young MSME owners to pursue skills on how to access funding and financial management.

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In a statement made available to Legit.ng on Friday, June 28, Fregene added that many lending banks are drawing back from giving loans to MSME owners because of a number of uncertain issues, including a lack of clear tax record.

"Some of these banks are willing to lend, but they are afraid that MSMEs may not pay back," he said.

Funding g of MSMEs: Experts voice concerns

Ambassador Joe Keshi, director-general of the BRACD Commission, decried the lack of government presence and support for platforms such as the Niger Delta MSMSE Summit which is carefully set up to build a culture of entrepreneurship among young people.

“Sooner or later, government will not be employing people anymore. It is business that we will depend on,” Keshi who appeared as Special Guest at the event which also coincided with the 2024 World MSME Day, he said.

MSMEs growth in Nigeria: Experts proffer solution

While reeling out recommendations to grow MSMEs in Nigeria, Otuya Okecha, MD/CEO of Fibresol Nigeria Limited in his goodwill message, urged state governments and intervention agencies to create tech hubs to address digital illiteracy among MSME owners.

“Over 60% of the Niger Delta population are young people. State governments must embrace Digital Stack Models to gather data of citizens.”

How govt policies is affecting small businesses

Moses Siasia, CEO Mosilo Group and Chairman of Heritage Times HT, regretted that despite being the main economic mainstay of Nigeria, a lot is not happening in the Niger Delta region to empower young people.

Lamenting the lack of deliberate policies from state governments for the MSME Development, he said:

“This is a purely private-sector initiative. We have done this for the past four years, we have seen the impacts made, and we will continue. Over the years, politicians have nourished young people in the Niger Delta region with failed promises. Leaders must deliberately create an atmosphere to give the young people hope and a voice. But we will no longer wait for the government. This initiative shall be sustained with the few strategic partners that have encouraged us over the years. We must begin to create opportunities for young people."

He commended the Niger Delta Development Commission (NDDC), Bank of Industry (BOI), and Century Group for their consistent support of the Niger Delta MSME Summit over the years.

Niger Delta MSME Summit: What you should know

Meanwhile, Gerald So-George, coordinator of the Niger Delta Young Professionals (NDYP), the organizers of the Summit, in his remarks, noted that the initiative has empowered over 2,604 individuals with personal grants, the 2020 COVID-19 Fund, NCDMB loans and CBN Agric Loan Scheme. Approximately 1,820 businesses have benefited, creating a cumulative total of about 8,319 direct and indirect jobs.

This, he noted, underscores the significant impact of our collective efforts and the potential for even greater achievements.

Digital economy: Small business owners told what to do

Summy Smart Francis, President of Africa’s Young Entrepreneurs (A.Y.E.) in an inspiring charge, told young entrepreneurs at the Summit that, "failure to adapt is failure to grow".

"We are in times of innovation and technology. While you are busy complaining that Nigeria is hard, do you know how many people are making money? Entrepreneurs are the ones to work hard to increase the value of the naira for the dollar to drop," he added.

It would be interesting to note that the 2024 Niger Delta MSME Summit/Bootcamp with the theme: "Building a Culture of Entrepreneurship and Self-reliance Beyond Oil", had strategic panel sessions; where panelists shared their thoughts on how partnerships can push the growth of Agriculture, and how funding can be unlocked.

The event had over 1,000 participants from across the Niger Delta region.

Source: Legit.ng