The Central Bank of Nigeria (CBN) has said that it will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.
This was disclosed by the CBN Governor, Mr Godwin Emefiele at the 51st Convocation Lecture of the University of Lagos, Akoka, on Monday in Lagos.
Emefiele said that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.
According to him, special consideration should be given to the strengthening of physical and ICT infrastructure, to enable SMEs perform more efficiently and become globally competitive.
“The potential of SMEs in enhancing economic growth is hampered by limited access to finance, inadequate infrastructure and poor digital penetration. I urge the government and the private sector to provide more support in addressing the challenges of SMEs in the country.
Specifically, as users of new technology, I advise that policies that would incentivise the adoption of innovations that will improve SMEs competitiveness and productivity should be made,” the CBN governor said.
He tasked relevant stakeholders to deepen reforms that would improve human capital development through skills enhancement and proper linkage of research to the SME sector.
Emefiele advised tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets.
Doing so, Emefiele said, would help to reshape the existing curriculum, enhance the learning experience of students and foster innovation among the faculty and staff in Nigerian institutions.
The CBN governor advocated enhanced collaboration between universities and players in key sectors of the economy: agriculture, manufacturing and ICT.
“They should collaborate in the training of relevant manpower to minimise mismatches between the skills required by firms and the educational qualifications of Nigerian graduates,” he added.
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The CBN has rolled out massive developmental interventions in critical areas such as agriculture, manufacturing and SMEs.
Some of the CBN initiatives include the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); and Youth Entrepreneurship Development Programme (YEDP).
Others are Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).
This is a good development and I hope that I will be one of the beneficiaries to boost my small business.
A very good policies to foster economic development and development as well as generation of employment at the grassroots level which will lead to curving social vices and insecurity in the country
I love this and will be glad if am among the beneficiaries
IImr Caleb okafor have tried several times institution like the S.M.E.DA.N PAID THE AMOUNT REQUIRED REGISTERED WITH C.A.C DE 28332 PAY ANNUAL RETURNS VIA THE REMITARS BUT WHEN ISEND MY EMAIL ADDRESS THEY DON’T RECOGNIZE IT
AGAIN I ATTENDED A, RECHARGE CARDS BUSINESS SEMINAR WITH CISCO’S COMPUTER AWKA I, BOUGHT THE LAPTOP THE LASERJET PRINTER , THE INTELLIGENT EXTRACTOR BUT WHEN I OPEN AN EMAIL ADDRESS THEY DON’T RECOGNIZE IT
I, HAVE,DEPENDED CHILDREN WHOM I, WILL HAVE THEM DOONG SOMETHING PLEASE SIR I, NEED HELP THANKS
I attended a CBN sponsored enterprise course (Basic Business Training)14th Dec. 2020 in PortHarcourt. We have waited so long to benefit from the loan.
I have innovated various machines that handles palm and all its value chain product. I already have a patent in one of them but no finance to expand production of either machines or palm produce production. I applied for an RSSF and nothing came out of it. I wish the CBN will look out for viable patented home grown tech and empower them
Most of the support from CBN are been hijacked by big people and agents, we that are in the north as Christians don’t get because of religion and tribe.. Covid19 was just made for northerners when you go trough the list why?
I want to CBN to help me for agricultural business I want to start
Weldon ,that is good for Nigeria not only the south
Please i need the cbn to help me for My agriculture business thanks
Aminu