In a bid to encourage Nigerian Micro, Small, and Medium Enterprises (MSMEs) to venture into global markets, regulatory agencies stand ready to offer crucial support. Representatives from key agencies including the Standard Organisation of Nigeria (SON), National Agency for Food, Drug Administration and Control (NAFDAC), Nigeria Export Promotion Council (NEPC), and the Bank of Industry (BOI) shared valuable insights during the Nigeria British Chamber of Commerce (NBCC) workshop on “MSME Business Optimisation Clinic Agenda.”
The Director-General of SON, Mr. Farouk A. Salim, stressed the importance of meeting international standards. SON provides products and services to ensure Nigerian MSMEs meet export destination requirements. Approach SON for guidance on certification and standardization to prevent product rejection.
Salim, who was represented by the Head, of SON’s SME Desk, Mrs. Phebean Arumemi, said: “Every country is conservative about what comes into its market to help protect their security, health, and safety. One instrument a country can use to limit what comes into its territory is standard. If you do not package very well your product will get rejected.
“You must understand that we have a body in Nigeria that is created and funded by the government to ensure that Nigerian products are well marketed abroad. SON is a supporting organization and covers all scope of requirements that are needed to enable your export. Our aim is to help businesses to produce and sell their products successfully and not to discourage them. Nigeria needs foreign exchange and we interface on behalf of Nigeria in every international, continental, and regional organ for standard development and certification to ensure that Nigeria maintains international best practices.”
NEPC’s Market Access Support:
Dr. Ezra Yakusak, CEO of NEPC, emphasized that Nigerian MSMEs can thrive globally by adhering to standards and excellence. NEPC offers guidance on market access, packaging, and mentorship for those new to exports. Register with NEPC to participate in stakeholders’ meetings and gain access to valuable resources.
“They have to look at the regulations of the country of trade they want to engage. We can hold them by the hand and guide them on market access, packaging, and even provide mentorship for those who know nothing about exports but want to enter the terrain,” Yakusak said.
Financing Solutions by BOI:
BOI, represented by Mr. Olukayode Pitan, provides favorable loan terms for businesses with consistent cash flow and repayment capability. Their loans are competitively priced, offering a valuable opportunity for growth. BOI also offers expert consultants to assist MSMEs in crafting bankable business plans.
“We provide a facility of N10 million or less on character lending without collateral as long as the borrower can find guarantors. So, we are not asking you to bring your landed property or anything like that as long as your business is bankable and viable. We also partner with other development institutions to bring benefit to Nigeria like the World Bank matching grant for women,” he said.
NAFDAC’s Compliance Assurance:
Professor Moji Adeyeye, represented by Mrs. Sarah Ajayi, clarified NAFDAC’s role in ensuring compliance with established standards. NAFDAC does not set standards but ensures adherence to those set by SON. “We offer guidance for product registration and distribution, with MSMEs enjoying benefits like expedited lab analysis,” He said
“The MSMEs pay 50 percent of the charge paid by bigger companies. We have also helped the MSMEs to enjoy expatiated lab analysis. We have also established a help desk for micro businesses in our state offices where our officers will them with compliance issues. It is compliance that causes a delay in getting NAFDAC’s approval.”
