Financial and economic experts have called for more funding and robust engagement between Small and Medium Scale enterprises (SMEs) and the Federal Government, insisting that the economy if well funded will drive innovation.
This was disclosed at the third-year celebration of Zitra Investment, a leading lending institution offering a wide range of financial services, held at Raddison Hotel, Victoria Island, Lagos State.
Keynote speaker Professor Bongo Adi who spoke on the theme “Providing an Enabling Environment for Businesses to Grow”, emphasised the need for strategic engagement between the government and small business owners to drive innovation.
Professor Adi advocated for a reevaluation of Nigeria’s economic policies by government at all levels stressing that economic challenges had persisted during the previous administration.
The Group Executive Director of Commercial Tangerine Yewande Adewusi echoed the importance of SMEs in job creation and called for more accessible credit facilities, citing prohibitive interest rates as a hindrance.
Babatunde Akin-Moses, CEO of Sycamore, emphasized the challenge of SMEs in accessing loans, with established companies often receiving preferential treatment.
Damilola Akinayajo, Head of Growth and Partnership at Bankly, stressed that underfunding was a major issue affecting SME development and employment opportunities. She cited admissions from the apex bank acknowledging the problem.
Zitra’s CEO, Babatunde Obadero, used the occasion to reiterate the company’s commitment to empowering individuals and businesses, adding that Zitra has provided financial tools and support for three years and is poised to continue its mission.
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