The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, on Wednesday, appealed to governments, development partners, and the private sector to unite and build a robust financial system that caters to the needs of Micro Small and Medium Scale Enterprises (MSMEs) in the country.
The minister said all parties must work to ensure the success of small businesses by creating microfinance schemes, loan guarantees, and public-private partnerships that can de-risk investments in the sector.
She spoke at the Bank of Industry (BoI) Inaugural Lecture Series, with the theme, “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria” and Official Launch of Development Journals in Abuja.
This came as Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the bank has disbursed about N77.65 billion to small businesses this year, noting that these loans were given to almost 1,000 MSMEs across the country to enable them boost their operations.
The minister said while BoI and other development finance institutions are doing all they could to support MSMEs and reinvigorate them to play their role in accelerating economic growth and shore up food security, “I must urge us all to do more for many more MSMEs whom we are yet to capture”.
She stated that the current global food security crisis which had been intensified as a result of conflicts, pandemics, and climate change remained a significant threat facing the world, adding that all well-meaning organisations and MDAs must come together to address the challenge.
Uzoka-Anite, said, “I am therefore, pleased that the BoI, by its mandate is providing all the necessary support to MSMEs through access to finance and other intervention programmes.”
She noted that BoI’s Price Intelligence Platform which was unveiled at the occasion, had been designed to address inflation and bring down the price of food items, thereby impacting every Nigerian and helping to guarantee food security.
“This is a laudable initiative, and I assure you of the Ministry’s 100 per cent support as always,” she said.
Furthermore, the minister said digital financial solutions can revolutionise access to finance for small enterprises, especially in remote areas across the country, stressing that mobile banking, digital payment platforms, and blockchain for transparent supply chains are examples of how technology can be leveraged to provide more inclusive financial services.
The minister said, “By financing smallholder farmers, agribusinesses, and local food processors, we can improve agricultural productivity, reduce post-harvest losses, and ensure more efficient distribution of food. It is therefore, absolutely pivotal that we ensure that our MSMEs in agriculture are receiving the necessary finance they require, and I am excited to hear of the initiatives being developed by the Bank of Industry and other development partners today to provide such financing to our farmers.”
Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the event marked a significant step in the bank’s commitment to intellectual discourse and sustainable development in Nigeria.
He said the lecture was also part of events commemorating the BoI at 65, pointing out that the platform seeks to engage with stakeholders to discuss critical areas essential for achieving national macroeconomic development – a goal that the bank passionately pursues.
Olusi said the gathering was a celebration and launch of two landmark publications—the BoI Journal of Development Finance (Technical) – a bi-annual publication on development finance and economics, with well-articulated policy recommendations, and the BOI Journal of Development Review (Non-Technical) – another bi-annual publication on the analysis of MSMEs development policy in Nigeria and Africa.
In addition, he said the bank was unveiling the BoI PriceSense NG – a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities across the country.
He said, “These initiatives reflect our dedication to generating impactful research, fostering innovative solutions, and promoting transparency in all our endeavours.
“Both journals will be open-access and all content will be freely available for reading, downloading, copying, distributing, printing, searching, or linking, provided the source is cited.
“Today’s unveiling of the BoI PriceSense NG price intelligence platform is another bold step in enhancing transparency and accountability in the food commodity market.
“Through this, we will provide real-time insights into price trends, help stabilize markets, protect consumers, and inform policy decisions aimed at addressing food insecurity.”
Olusi said though MSMEs constitute the bedrock of any thriving economy, these businesses often face significant challenges, which include limited access to finance, challenging operating environment, including infrastructure deficiencies.
Therefore, he said addressing these issues was essential to alleviating poverty and ensuring food security.
He said through sufficient financial support and enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.
He said so far, the bank has disbursed about N77.65 billion to small businesses this year, noting that these loans were given to almost 1,000 MSMEs across the country to enable them boost their operations.
He said, “Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east, to the woman with a printing press in the north, and a local furniture maker in the south, amongst others.
“However, our efforts to support MSMEs extend far beyond financial assistance. We must continually work to create an environment that fosters sustainable growth through access to capacity building programs, promoting technological innovation, and connecting businesses to domestic and international markets.
“By empowering MSMEs with the tools and resources they need to thrive, we are fostering a culture of innovation and entrepreneurship, driving job creation, poverty reduction, and inclusive economic growth.”
James Emejo
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