MSMEs | MSME - Funding, Lending & Credit

Leapworld Leads Discussion on Capacity Building, Improved Funding for MSMEs

Jul 05, 2022   •   by Bukola Akinyele-Yisau   •   Source: WebTV   •   eye-icon 485 views

Leapworld Limited, in collaboration with the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN), hosted the 2022 MSME Day in Nigeria. The special guest of honour, Mr. Olawale Fasanya, SMEDAN, DG/CEO, in his presentation said MSMEs provide jobs and wealth and catalyze businesses. 


He commended Leapworld Limited for marking the celebration of the world MSME 2022 in Abuja as part of efforts to create more awareness and sensitize people about the relevance of MSMEs. 


The DG/CEO of SMEDAN, who was represented by Mr. Monday Ewans, Director, Enterprise Development and Promotion, Small & Medium Enterprises Development Agency of Nigeria, congratulated all the MSMEs, entrepreneurs and critical stakeholders for a new dawn in the country.  


According to him, the main objective for celebrating MSMEs is because they drive economic activities across the world, whether developed, emerging or underdeveloped economies. 


The SMEDAN DG noted that with over 39m MSMEs in Nigeria as of 2020, the ecosystem had its challenges from access to finance, access to market, and skills, which have been compounded by the growing spate of insecurity in the country. 


"The theme for this year's world MSME day reinforces the importance of resilience and rebuilding for sustainable development. It also seeks to put enterprise development at the forefront of building back better and stronger from the impact of the pandemic, economic crises, and conflicts." 


He said SMEDAN ensures that programmes and projects are designed to address MSMEs' challenges. Nigeria's small and medium enterprises are working together to provide a conducive environment for the MSMEs. He called for collaboration from all enabling government departments and agencies. 


He said the 2020 MSME survey jointly conducted by SMEDAN and the National Bureau of Statistics revealed that MSMEs dropped from 41.6m to 39.6m, which has taken a toll on Nigeria's economy. He added that the sub-sector's contribution to Nigeria's gross domestic product dropped to about 3.5%. 


The DG of SMEDAN, through his representative, said SMEDAN had created several initiatives for MSMEs in Nigeria to achieve poverty alleviation. 


The event featured two-panel sessions which focused on Funding for MSMEs and what needed to be done. 


Mr. Olusegun Mojeed FCIPM, President and Chairman of the governing Council, CIPM, represented by Mrs. Chidinma Obiejesi, National treasurer, informed stakeholders on how the institute is supporting MSMEs with human capital. 


He acknowledged that MSMEs engage over 70% of the workforce in Nigeria. CIPM recognizes the sector's importance in job creation while stating that the informal sector is where most of the MSMEs fit into. 


The CIPM President has been interreacting with MSMEs in manpower development, preparing young people for the market. In her intervention, Adora Ikwuemesi, Managing Director, Kendor, said that structuring is not a problem until the staffing or recruiting process is done correctly. She stressed the need for the massive skill gap to be addressed to unlock the growth and development of MSMEs.


Dr. Olusegun Akanji, Divisional Head, Strategy and Corporate Transformation, Heritage Bank, speaking on funding and human capital, said that SMEs are called small businesses because they have low capital and access to funding.  


According to him, the Nigerian MSMEs lack a support system, and the financial market needs to make resources accessible with the required regulatory support framework. 


From the second-panel session speakers, Cynthia Aise Alabi, a management professional, explained that due to covid 19, businesses incurred many losses, which has affected the Nigerian economy, especially with rising inflation. 


Mr. Tim Rose, Managing Director, Growbridge advisors, United Kingdom, said Nigeria needs more experts to support MSMEs, and the lack of trust should be addressed, while structures need to be in place. 


"MSMEs need skills, resources, knowledge, strategic planning, cash flow and the required methodology to adopt for operating a business, effective communication and a conducive business environment to thrive. 


On his part, Monday Ewans, Director, Enterprise Development and Promotion, Small & Medium Enterprises Development Agency of Nigeria, shares how they've been supporting MSMEs in Nigeria. 


Technology, research and development, access to market, infrastructure, cost of doing business, access to finance, and skills, are still facing the growth of MSMEs in the country.


Mrs. Joy Bolarin, one of the participants and Chairperson of Physically Challenged Businesswomen, Kwara state, said women with disability have double challenges, and business terms have not been favourable to them from accessibility, funding and even empowerment. 


She said they need digital empowerment, such as talking phones for blind people, mini machines, SME training and the need to include physically challenged businesswomen in MSME capacity-building programmes. 


In her vote of thanks, the organizer, Mrs. Funke Medun, Managing Director, Leap World Limited, thanked all the speakers for staying through; she called for consideration and support for the physically challenged MSMEs, emphasizing the need for human capital and sustainable development.


She also notified participants that Nigeria's MSMEs who need funding and equity opportunities should reach out to

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