NASME

Ibadan, Jan. 13, 2024: National Association of Small and Medium Enterprises (NASME) has said that 2023 was not a good year for the production sector in Nigeria.

Chairman of NASME in Oyo State, Mr John Karunwi, stated in Ibadan on Friday that the year was characterised by cashless policy, inflation, subsidy removal and forex, notwithstanding the Federal Government’s efforts to give grants and loans through SMEDAN.

Consequently, the NASME chairman has called on the federal government to improve on palliatives to be given to micro, small and medium enterprises (MSMEs) in 2024.

“The federal government rolled out some initiatives, such as giving N50,000 to MSMEs but it has not been disbursed; the process is still on and most MSMEs have applied.

“We are trusting government to fulfill its promise and hope that the money will get to the right people.

“It was really been a difficult time for many MSMEs in 2023 but we are hopeful that 2024 will be a better year,” Karunwi said.

He called for involvement of organisations like NASME, NASSI, Chambers of Commerce and Industry as well as the manufacturing sector in the selection processes and disbursement of government palliatives.

“We want intervention from the government as early as January in order to give relief to the MSMEs.

“In the area of taxation, because most MSMEs are not making profits, they are finding it difficult to survive. So we want consolation in taxation, especially for nano, micro and small enterprises.

“This will ensure accelerated development in their operations,” he said.

Karunwi stressed the need for government to engage business development service providers (BDSP) trained by SMEDAN so that MSMEs could grow.

“Lots of MSMEs have other challenges aside financial and having BDSP as mentors and coaches will help their businesses to grow,” he said.

He also advocated for improved access to finance.

“We want government to make it easy to access finance at a single digit.

We know it government is trying in this regard but it can still do better.

“Most of the MSMEs have been able to benefit from government activities but sometimes, it is being politicised.

“You will see that so many MSMEs will apply for loan but only a few will get it. We want to see improvement in that area,” he said.

Karunwi also called for improvement in the energy sector, adding that lots of businesses were being affected by the irregular power supply, with much money going into fuel or alternate power sources.

“We want price stability, curbing of inflation and availability of power, as MSMEs cannot survive without all these in place,” he said.

 Unity Bank Plc is collaborating with the Nigerian Association of Small and Medium Enterprises (NASME) in a partnership, with the aim of empowering women owned enterprises in commemoration of the International Women’s Day (IWD).  

Otunba Gbemisola Oduntan, National Deputy President, NASME, in a statement on Wednesday, said the partnership would help push the frontiers of sustainable and inclusive development in Nigeria.  

While commending the development, Oduntan acknowledged Unity Bank’s unflinching support and commitment to women’s empowerment in the country.  

She said that the partnership with the bank would enable the association roll out an engagement programme for women entrepreneurs, specifically targeted at those in MSME sector.  

It provided a platform for corporate partners to join collaborative initiatives that would impact positively on the businesses of individual members of NASME in Lagos,” she said.  

Managing Director, Unity Bank Plc, Mrs Oluwatomi Somefun, said the bank would continue to support pioneering efforts with genuine intent on inclusion, removing biases and unlearning stereotypes.  

Referencing the bank’s latest retail solution, the Yanga Account, targeted at women-owned MSMEs, Somefun reiterated the bank’s commitment to introducing innovative products and services.  

This would be to support and unlock the true potentials of Nigerian women entrepreneurs.  

“All these are even as the bank continues to introduce innovative banking solutions that support and empower MSMEs operated by women in Nigeria.  

“Nigerian women continue to play a pivotal role in driving the growth of the Nigerian economy through their overwhelming involvement in economic activities.  

”As major operators of MSMEs in Nigeria accounting for 41 per cent of MSMEs in the country.  

“The bank’s quest to grow the retail segment has enabled us to pay extra attention to women-led businesses more than any other financial services provider in Nigeria.  

“Just recently, we launched the Yanga account, which is a new retail product designed to deepen beneficial impact on Micro, Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.  

“The Yanga account targets businesses of women mainly in farmers’ cooperatives, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, living in the communities or cities.  

“The Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women.  

“It is about making sure that our women, who make up 55 per cent of the financially excluded Nigerians, have access to basic and life-changing financial services”, she said.  

She added that the Yanga account would also be incorporating an affordable health insurance scheme as part of the product bouquet underpinning the bank’s belief in health and wellness.  

This, she said, not only translates to wealth creation but also to drive insurance penetration, which is presently at two per cent in Nigeria.  

“We, therefore, believe that this would provide essential ingredients to growing a business as well as adding greater value for Yanga account holders,” she said.