The Executive Director of the Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, has identified a critical challenge that is hindering the growth of Micro, Small and Medium Enterprises (MSMEs) in the country: the inability to develop credible and bankable business plans. These plans are essential for accessing intervention funds from the government and loans from financial institutions. This revelation came to light during a training workshop on “How to Write a Bankable Business Plan,” where Yakusak emphasized the urgent need for MSMEs to overcome this obstacle and enhance their financial inclusiveness.
Dr. Yakusak, represented at the event by the State Coordinator of NEPC, Arch Benedict Itegbe, highlighted that numerous MSME operators struggle to create business plans that can attract grants and loans, hampering their growth prospects. Recognizing the crucial role of MSMEs in economic diversification and development, Yakusak underscored the importance of financing this sector to accelerate industry growth. He stressed that MSMEs’ eligibility for financial support hinges on their ability to develop comprehensive and compelling business plans that include robust descriptions, analyses, projections, and templates reflecting the progress and performance of their non-oil export ventures.
He stated, “Funds are the lifeblood of every business endeavor. Adequate funding is essential for the survival of any MSME, particularly those engaged in export businesses. Therefore, the Council is committed to helping MSMEs understand the available financial options as a crucial tool for economic development.”
The training workshop aims to achieve several objectives, including sensitizing MSMEs about various financial avenues available to them and fostering a connection between MSMEs and Financial Institutions to facilitate financing for their export businesses, both domestically and internationally.
Yakusak urged participants to capitalize on the training, emphasizing the importance of financial literacy and creditworthiness in accessing financial facilities that can expedite MSME growth and, consequently, national economic expansion.
In response, Agunbiade Adefolaju, the Manager of Bank of Agriculture’s Ondo state branch, pledged the bank’s unwavering support for local farmers. He affirmed BOA’s commitment to partnering with NEPC and other organizations to finance agriculture within the state, highlighting the bank’s efforts to provide loans to over 100 farmers for their projects this year. Adefolaju emphasized the bank’s dedication to offering affordable credit to farmers to ensure food security and alleviate poverty.
NEPC’s initiative to provide training in crafting bankable business plans not only addresses the pressing challenge faced by MSMEs but also serves as a catalyst for collaboration between the public and private sectors. The convergence of various stakeholders, including investors, agricultural practitioners, and both government and private organizations, exemplifies NEPC’s commitment to empowering MSMEs and propelling economic growth through innovative financing solutions.
