Dr. Ezra Yakusak, Executive Director of the Nigerian Export Promotion Council (NEPC), has identified one of the major limitations of Micro, small, and Medium Enterprises (MSMEs) as the inability to write credible and bankable business plans in order to access government intervention funds and loans from financial institutions.
Yakusak remarked this during a training program on “How to Write a Bankable Business Plan,” noting that many of the country’s MSMEs faced the issue of developing bankable business plans in order to acquire grants and loans.
Yakusak, who was represented by NEPC State Coordinator Arch. Benedict Itegbe, stated that the council is interested in boosting the development and financial inclusion of MSMEs and exporters for inclusive growth.
He stated that the training became necessary in order to provide MSMEs with the necessary skills and information to assist them in getting funds for their export operations and to grow non-oil export businesses.
“In the global world, Micro, Small, and Medium Enterprises (MSMEs) can be classified as the driving force for the diversification of every economy and development,” he stated. Financing this sector is the fuel that propels the industry forward.
“MSMEs should be eligible for financial assistance if they can create a Bankable Business Plan with a good description, analysis, or projection, as well as other essential compact templates about the progress and performance of non-oil export businesses.”
“Funding is an essential component or the foundation of every business setup. Every business needs funding to compete successfully in the export market, which is why the Council is determined to recognize the need for MSMEs to get familiar with the choices for financing as a critical instrument for economic development. No MSME can survive without enough funding, so every firm needs funding to succeed in the export market.
“This training will concentrate on, but not be limited to, the following goals: to create an interface between MSMEs and Financial Institutions and to sensitize and make MSMEs have a good understanding of the various financial windows/options available for them to access.”
In order to obtain financial facilities for MSMEs and accelerate the growth of their businesses, which would translate to the expansion of the national economy, he advised participants to take advantage of the training for financial literacy and creditworthiness.
Speaking, Agunbiade Adefolaju, manager of the Bank of Agriculture’s Ondo State branch, underlined the bank’s willingness to help farmers in the state indefinitely for agricultural growth with a view to eradicating poverty and food insecurity.
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More than 100 farmers have received loans this year to fund their initiatives, according to Adefolaju, who added that the BOA will be prepared to work with the NEPC and other organizations to finance agriculture in the state.
In order to ensure food security, he stated that the bank was committed to facilitating increased credit to farmers at a reasonable interest rate. “We have been taking care of the rural farmers and peg the interest rate to one percent per month,” he said, adding that “this is not stressing farmers in payments.”
However, he commended NEPC for using the training to bring together players from the public and private sectors, investors, and agricultural practitioners across the entire value chain.
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