Small and Medium Enterprises Development Agency of Nigeria and Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) are in talks to fashion out a workable funding process for small and medium enterprises in the country.
This is part of the efforts to boost small and medium businesses in the country.
The Director General/CEO of the Small and Medium Enterprises Development Agency of Nigeria, Dr. ‘Wale Fasanya was at the Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) to discuss ways to accelerate the funding processes for MSMEs in Nigeria.
The DG/CEO and his management were received by the MD NIRSAL, Umar Abbas Masanawa and his team.
Dr Fasanya at the meeting expressed worries that the nano and micro enterprises that constitute a large chunk of the MSMEs in Nigeria were being shut out by commercial banks due to the perceived high risks. To this end, the Agency had initiated “Matching Funds” in partnership with participating banks to avail small holder farmers with accessible and affordable loans.
The visit was to seek ways to fasttrack the accessibility process without necessarily bypassing the credit risk assessment and guarantee scheme.
The MD NIRSAL promised to intervene and ensure the wishes of the DG are met as the two institutions need to collaborate more to support the Federal Government’s desires to create more jobs. He equally showed interest in NIRSAL possibly participating in the counterpart funding through NIRSAL MFB.
