Small scale firms want review of loan conditions

The Nigerian Association of Small Scale Industrialists (NASSI) has called on the Federal Government to review the conditions of loans for Micro, Small and Medium Enterprises (MSME).
Mr Solomon Vougfa, the newly elected president of the association made the call shortly after his emergence through an election in Abuja on Wednesday.
He said the current funds made available by the Federal Government to MSME had a lot of bottleneck that made it difficult for members to access.
“Improving the financing options for MSME is a political imperative to the government considering their roles in job creation, especially in manufacturing and in rural areas,’’ Vougfa said.
He said steady development of any growing economy was dependent on the ability of the small scale industrialists to be more innovative.
He said NASSI with no fewer than 100,000 committed members across the country could create jobs, if properly assisted by government.
He described MSME as the wheel of economic development, calling on government to provide new measures for its improved funding.
“As the new national president, I will bring new innovations that will boost MSME to enable it create jobs for Nigerians as government cannot provide jobs for everybody,’’ he said.
Vougfa also identified inability to acquire modern equipment to meet up with global standard of production as another challenge facing MSME.
He urged government to assist them in purchasing modern equipment as many of them could not afford them due to high cost.
Mr Emma Iroegbu, Chairman Electoral Committee, said the association would be restructured to achieve the goal it was set up to achieve.
Iroegbu said NASSI would continue to organise workshops, conferences and provide advisory services to members.
He said it would also provide information on sources of raw materials, market situations and the required manufacturing standard.
Dr Okechukwu Enelamah, Minister of Industry, Trade and Investment who was represented by Mr Odaluwa John, Deputy Director in the ministry encouraged the members to remain focused.
Enelamah said government was ready to assist the association to achieve its goals.
He said government would find a way to develop small scale industries and move them forward to coincide with the wind of change the present administration.
NASSI was set up by the Federal Government to network the Small Scale Industry and achieve a standard business growth through funding, partnering and sensitisation.