The Nigerian Incentive-based Risk Sharing system for Agricultural Lending (NIRSAL), Awka Branch, in collaboration with the Anambra State Chapter of NASME, Nigerian Association of Small and Medium Enterprises (NASME) has sensitized Micro, Small and Medium Enterprises (MSMEs) in the state on financial literacy.
The NIRSAL team led by Mr Chidozie Felix in his emphasis to Anambra Entrepreneurs stated the need to conduct a proposed financial analysis and make their businesses attractive for financial assistance and investors.
“MSMEs need to critically study their businesses so as to cut unnecessary financial expenses and cut operational cost where necessary,” he said.
He also mentioned some of the packages the Bank has for MSMEs to include the Agri-Business Small and Medium Enterprise Investment Scheme AGMEIS, and the Interest Draw back program for farmers and those withinn the Agriculture Value Chain, and the specific facility for petty traders that gives market women and traders loans ranging from N50,000 – N300,000 amongst other packages aimed at helping MSMEs to develop and grow their businesses.
The State Chairman of NASME in Anambra, Mr Chinemerem Oguegbe in his keynote explained the need for Business Owners to develop themselves through capacity building trainings and attending SME clinics that will help in identifying the various setbacks that hinders the growth of their businesses.
Chinemerem said that Business Owners should take cognisance of other factors that also hinder the growth of MSMEs asides finances being a major constraint for the growth of most MSMEs.
“Lack of growth strategy, market strategy and lack of operational framework are some of the challenges and I pledge that Anambra NASME will partner with relevant Business Development Consultants to ensure effective Business Diagnosis for MSMEs in the state,” he stated.
Entrepreneurs within the Agricultural sector, fashion designers, manufacturing industry and Service Industry all attended the December SME clinic.