FG working to improve access to MSMEs financing, boost food production — Trade Minister

The Minister of Industry, Trade and Investment, Dr. Doris Anite on Wednesday reaffirmed that the Federal government is working tirelessly to reduce poverty by improving access to finance for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Speaking at the inaugural lecture themed “Creating Impact: The Role of MSME Support and Financing in Alleviating Poverty and Food Insecurity in Nigeria’, organized by the Bank of Industry (BOI), the Minister commended the initiative, stating that the would boost business performance in the country.

She explained that “Micro, Small, and Medium Enterprises are the backbone of many economies around the world, particularly in developing nations like ours. They account for over 90% of businesses and contribute significantly to employment, income generation, and economic growth.

“In many of our communities, MSMEs provide not only jobs but also innovation and the production of essential goods and services, including food”.

Anite noted that “MSMEs also play a pivotal role in addressing poverty by creating employment opportunities, especially for our youth and women who are often excluded from formal labour markets.

“By empowering individuals with jobs and stable incomes, we also strengthen local economies and enable families to rise out of poverty.

“Moreover, MSMEs serve as crucial players in food production and distribution systems. From smallholder farmers to food processors and distributors, MSMEs are deeply embedded in the food value chain”.

She stated further that by supporting these enterprises, “we are investing in food security at the grassroots level, and this has never been more important than now when we could face even more food shortages.

“The current global food security crisis which has been intensified as a result of conflicts, pandemics, and climate change is a significant threat facing the world and all well-meaning organizations and MDAs must come together to address this challenge.

“I am therefore pleased that the BOI per its mandate is providing all the necessary support to MSMEs through access to finance and other intervention programs such as the BOI’s Price Intelligence Platform which is due to be unveiled today and has been designed to address inflation and bring down the price of food items, thereby impacting every Nigerian and helping us shore up our food security. This is a laudable initiative” the Minister noted.

Anite stated that MSMEs are at the forefront of the battle against poverty and food insecurity therefore the Federal government is working to improve access to financing, fostering innovation, and ensuring policy support for these businesses.

“With initiatives like this, we can enable these enterprises to play a more effective role in building sustainable, inclusive economies” she explained.

In his welcome address, the Managing Director of BOI, Dr. Olasupo Olusi said “we have gathered today to engage with esteemed stakeholders like yourselves to discuss critical areas essential for achieving national macroeconomic development – a goal that the Bank of Industry passionately pursues.

“Today, we are also celebrating the official 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”.

He said in addition, “we are 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. These initiatives reflect our dedication to generating impactful research, fostering innovative solutions, and promoting transparency in all our endeavours.

“So far this year, the Bank has supported MSME across the country through the disbursement of loans totalling about N77.65 Billion. These loans were given to almost 1,000 MSMEs across the country to enable them boost their operations.

“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”.

Olusi noted that”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.

“We are fostering a culture of innovation and entrepreneurship, driving job creation, poverty reduction, and inclusive economic growth” he stated.

READ MORE FROM: NIGERIAN TRIBUNE