‘Proposed five per cent credit facility to MSMEs will stimulate economy’

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has stated that the proposed five per cent credit facility for Micro, Small and Medium Enterprises(MSMEs) will help to stimulate the economy.

Indeed, the Vice President, Prof. Yemi Osinbajo, had announced that government will institute a 5% credit facility for MSMEs, adding that what operators required was a bankable business proposal and guarantors.

He also added that the Federal Government was exploring an initiative to allow a special window of 90 days for MSMEs, who have not registered their businesses to do so at a highly subsidized price.

NACCIMA declared its support for the scheme, noting that it would further stimulate the productive sectors of the economy, create jobs and provide new opportunities for the MSME operators.

“This initiative with its single digit credit facility which we have been clamouring for, if well managed will boost activities in the MSME sector. In the process of its implementation, we call on the Federal Government to ensure that Organized Private Sector and other stakeholders play active role in the operationalisation of the new initiative.

“Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA) as the apex body of all Chambers of Commerce in Nigeria with membership cutting across all sectors of the economy and membership presence in all states of the federation, is ready to partner with the Federal Government in ensuring access and the proper utilisation of the loan facility”, the chamber said in a statement.