business

NASME Calls for Greater Government Support Amid Rising Inflation Pressure on SMEs

Published

3 months ago

June 25, 2025

NASME Calls for Urgent Government Action as Inflation Threatens Survival of Nigerian SMEs

The Nigeria Association of Small and Medium Enterprises (NASME) has called on both federal and state governments to intensify support for small businesses grappling with inflation, rising production costs, and weakened consumer demand—pressures that are pushing many enterprises to the brink.

During a general meeting held in Warri, Delta State, NASME Delta Chairperson, Lady Judith Nwachukwu, acknowledged ongoing government reforms but emphasized the urgent need for more targeted, transparent, and easily accessible interventions, especially for grassroots entrepreneurs.

“SMEs form the backbone of our economy, yet many are in crisis,” Nwachukwu stated. “With skyrocketing raw material costs and reduced consumer purchasing power, it’s becoming increasingly difficult for small businesses not just to grow, but to survive.”

She applauded the Tinubu administration’s recognition of SMEs’ importance in national development, particularly through policies like tax incentives, local content support under the ‘Nigeria First’ initiative, and efforts to expand access to finance. However, she stressed that these policies must go beyond paper promises and deliver real impact at the community level.

According to Nwachukwu, current financing structures remain too rigid and favor larger, more formal enterprises. “Intervention funds must be truly inclusive,” she said. “The eligibility criteria often replicate commercial banking standards, which exclude most informal and micro-scale entrepreneurs.”

She also cited economic policy shifts—such as fuel subsidy removal, exchange rate unification, and persistent insecurity in agricultural zones—as factors compounding inflationary pressures on small businesses. These challenges, she warned, are eroding the sector’s already limited capacity to absorb shocks.

To reverse the decline, NASME is calling for stronger collaboration between government and private sector actors to ensure SMEs play a central role in the Renewed Hope Agenda. “Our members are eager to contribute, create jobs, and grow the economy,” Nwachukwu added, “but they need practical, grassroots-oriented support.”

NASME commended the Delta State Government’s approval of a ₦1 billion revolving loan fund for MSMEs—administered by the Bank of Industry (BoI) at single-digit interest rates—as a step in the right direction. Nwachukwu emphasized that timely and transparent disbursement will be key to the initiative’s success.

She also thanked BoI for recently approving loans for several NASME Delta members and encouraged the bank to maintain swift disbursement processes.

A key moment during the meeting was the unveiling of the NASME Delta Multipurpose Cooperative Society, designed to enhance financial resilience among members. The cooperative will be led by NASME’s Public Relations Officer, Sir Hilary Ikem.

As economic headwinds persist, NASME’s message is clear: Nigeria’s path to economic recovery must begin with inclusive, actionable support for its small businesses—not just reforms, but real empowerment from the ground up.

business

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Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

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Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
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Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.