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ABUCCIMA seeks private sector partnership in disbursement of SMSE Fund

By on January 23, 2015

The Abuja Chamber of Commerce and Industry, Mines and Agriculture (ABUCCIMA) has urged the federal government to involve the private sector in articulating conditions for accessing the micro, small, medium and enterprises (MSMEs) intervention fund.

The federal government recently set aside N220 billion to boost MSMEs in the country.

Vice-President, Public Relations, ABUCCIMA, Mr. Jude Igwe, stated this while briefing journalists on the inauguration of the President and council members and presentation of 2014 award to some dignitaries in Abuja.

Igwe said the Chambers had shortlisted some Nigerians who had shown “uncommon resilience and innovation” in their various economic engagements for awards by the chamber.

He said they included Alhaji Aliko Dangote, Sir Emeka Offoor, Mr John Ayeni and Mr Oscar Onyema, who would be honored in Abuja today.

He noted that given the private sector’s role in the economy, its involvement in working out modalities to access the fund was imperative.

“The N220 billion Micro, Small and Medium Scale Enterprises’ launched by President Goodluck Jonathan is a policy in the right direction.”

SMEs accounted for a sizeable percentage of employment opportunities project under the federal government’s Vision 20: 2020.

Igwe said the federal government’s supports for SMEs in the past had not yielded desired results because stakeholders were not carried along in policy formulation and implementation. He expressed dissatisfaction with what he described as multiple taxation and revenue collection on SMEs in the FCT.

He, however, said that the Minister of FCT, Sen. Bala Mohammed, had taken steps to address the problem.

Igwe listed high interest rates, poor infrastructure, poor funding, multiple taxation, lack of access to raw materials as some of the challenges facing SMEs in FCT.

He advised ministries, Departments and agencies (MDAs) to develop a reliable feedback mechanism with the chamber for constant review of the impact of SMEs on government’s policies and programmes.

Igwe called on the government to allocate more funds to Research and Development, especially in those involving the SMEs

 

[ThisDay]