The Federal Government is set to reduce the cost of accessing
funds by SMEs within the lifetime of the current administration, as part of
strategic efforts to create jobs, generate wealth and enhance economic growth.
This was revealed by the Minister of Trade and Investment,
Olusegun Aganga during the third series of the empowerment programme for small
growing businesses titled “Market Access Africa”, held in Lagos recently. Aganga
said the Bank of Industry (BOI) and the Small and Medium Enterprises
Development Agency (SMEDAN) have been directed to collaborate to create new five
million jobs within the next two years.
The cost of accessing funds to start and manage SMEs includes
cost associated with securitization as well as CAC and FIRS processes, among
others. With the Presidential directive that the Bank of Industry, which lends
at single digit interest rate, be recapitalized, more SMEs will be able to
access cheap funds at minimal costs when the cost reduction process is
completed.
Source: Nigeria Guardian
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