FG urged to remove banks’ high interest rates on transactions

The Federal Government has been called upon to remove banks’ high interest rates on transactions and other policies that hinder the development of small and medium enterprises in the country.

The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Mr Mustafa Bello, made the call in Abuja on Wednesday.

He spoke when the Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Bature Masari, visited him.

Bello said the call became imperative because the development of Small and Medium Enterprises (SMEs) would bring economic advancement.

The NIPC boss said government should ensure that the sector was given utmost attention in order to create wealth and generate employment.

He called on SMEDAN to work closely with the commission to promote the sector, stressing that most nations developed through small businesses.

He stressed the need for bigger businesses to have linkages with smaller ones as a way of promoting the sector.

“Our perception of SMEs in the country is that the operators are common artisans found on the streets.

“It is much more than that in Japan. Smaller industries are attached to bigger ones and this has resulted in their quick growth.

“We have to look at how we can do the linkages of smaller industries to the bigger ones. Local content policy of Government is aimed at promoting indigenous enterprises.”

He argued that allowing mega businesses to take over the activities of the smaller ones is not a good development for the nation’s economy.

Earlier, the DG of SMEDAN called on the NIPC to help to promote the National Enterprises Development Programme (NEDEP).

NEDEP is being promoted by SMEDAN in the 774 Local Government Areas to attract international investors. (NAN)