The Executive Director of Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, has identified inability to write credible and bankable business plan to access government intervention funds and loan from financial institutions as one the major limitations of the Micro, Small and medium Enterprises (MSMEs).
Yakusak who stated this during a training workshop on “How to write a Bankable Business Plans” noted that many of the MSMEs operators in the country faced the challenge of writing bankable business plans to attract grants and loans.
Yakusak was represented by the State Coordinator of NEPC, Arch. Benedict Itegbe, disclosed that the council is desirous of promoting development and financial inclusiveness of MSMEs exporters for inclusive growth.
He said the training became necessary to equip MSMEs with necessary skills and information required to assist them in accessing finances for their export businesses and to boost the non-oil export businesses.
He said, “In the global world, Micro, Small and Medium Enterprises (MSMEs) can be categorized as the driving force for the diversification of every economy and development. Financing this sector is the fuel that accelerates the growth of the industry.
“MSMEs should be eligible for financial support by the ability to develop a Bankable Business Plan with a good description, analysis or projection, other essential compact templates about the progress and performance of non-oil export businesses.
“Fund is a vital instrument or backbone of every business outfit. No MSME can survive without adequate funding, so every business requires funding to strive well in export businesses, hence the Council’s determination to grasp the need for MSMEs to acquaint themselves with the options of finances available as a necessary tool for economic development.
“This training will focus, but not limited to the following objectives:to sensitize and make MSMEs to have good understanding of various financial windows/ options available for them to access and to create an interface between MSMEs and Financial Institutions and to finance their export businesses within and outside the country.”
He urged participants to take advantage of the training for the understanding of financial literacy and credit worthiness to access financial facilities for MSMEs to accelerate the growth of the enterprises, which will translate to the growth of the national economy.
Speaking, the manager of Bank of Agriculture, Ondo State branch, Agunbiade Adefolaju, expressed the readiness of the bank to continually support farmers in the state for agricultural growth with a view to eradicate poverty and food insecurity.
Adefolaju said the BOA will be ready to collaborate with NEPC and other organizations to finance agriculture in the state, saying more than 100 farmers have been awarded loans to finance their projects this year.
He said the bank was committed to facilitating increased credit to farmers at an affordable interest rate to ensure food security, saying we have been taking care of the rural farmers and peg the interest rate to one percent per month. This is not stress farmers in payments”
He however commended NEPC for using the training to create a convergence of private and public sector players, investors and agricultural practitioners across the entire value chain.
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