The Federal government has been advised to give room for Small and Medium Enterprises (SMES) to strive by promoting and patronising locally made products. This is to be achieved by making fund and capital facilities more available to the sector
Director, Development Finance department of the Central Bank of Nigeria, Dr. Mudashiru Olaitan who was represented by Mr Bamiji Akinola, the head of development of the CBN Ibadan Office o gave the charge during a Business Leaders conference which held in Ibadan
Dr. Mudashiru mentioned areas that the CBN has helped in various initiatives to include: Agricultural Credit Guarantee Scheme (ACGS), Commercial Agriculture Credit Scheme (CACS)and Nigeria incentive-based Risk sharing System for Agricultural lending (NIRSAL).
According to him, NIRSAL was established to allow banks to provide incentives facilities to such as credit,facility and loan to encourage agricultural in the country
He also noted that, the CBN, in order to encourage Micro small and medium business in the country, established the micro small and medium enterprise development fund to allow access to loan facilities
“Accessing the micro, smail and medium enterprises development fund (MSMEDF) can be guided through micro entrepreneur, i.e borrowers seeking micro loans of less than N500,000 and Small and medium enterprises (SMEs) where borrowers seeking between N500,000 and N50millon “he stated
Mudashiru urged Nigerians to invest on something reasonable like agriculture and other business that can fetch good income
In his presentation while speaking on the topic “Prospering in a Recession”, the Senior Research Fellow, Economic Policy Research Department, Nigeria Institute of Social and Economic Research (NISER) Dr. Femi Ogundele said that limit liquidity and our inavailability of fund to invest was as a result of high interest rate caused by recession.
Ogundele however suggested to government that, to quickly get out of the present economic situation, there’s need for diversification of economic, ensuring transparency and accountability, bail out fund for ailing business, tackling insecurity and unemployment and close monitoring of government agency responsible for tax collection.
Also in his contributions, the Special Adviser to Governor Abiola Ajimobi on Budget and Planning Mr. Biyi Oloko who was represented by the Director, Oyo State Board of Internal Revenue, Mr. Shola Akinyele while speaking on the topic: “Understanding Taxation and Multiple Taxation”, explained that Oyo state government has taken proactive steps in curbing tax multiplicity in the state
Biyi stated that government has created a crowd-sourced system especially in the informal sector where business owners can complain about their challenges.
“The business community have a unique platform of direct interface and engagement with key ministries”, he said
Earlier, in her welcome address, the convener of the EZ37 solution, Mrs Adaora Ayoade noted that the economic recession is now clearly more than just a word but prevailing reality.
Adaora said falling oil revenue due to drop in oil prices and incessant attacks of oil facilities which translated to scarcity of foreign exchange and its attendant volatility on the exchange rate coupled with low foreign direct investment due to investor’s jitters and lack of confidence in the economy and security in the county are some of the challenges making the recession striking on the economy
She said: “The effects of the recession on the business community has been challenging. There is need to engage the situation in an informed, constructive and pragmatic manner ”
She further advise business leaders to come together to rub minds with the aim of developing practice strategies to help local organizations and business navigate the recessionary tide and remain on the path to prosperity even at this time.