The Chairman of the National Association of Small and Medium Enterprises (NASME) in Oyo State, Mr. John Karunwi, expressed concerns about the challenging year faced by the production sector in Nigeria in 2023. He cited factors such as the cashless policy, inflation, subsidy removal, and forex challenges, despite the government’s efforts to provide grants and loans through SMEDAN.
Karunwi emphasized the need for enhanced palliatives for micro, small, and medium enterprises (MSMEs) in 2024, calling on the federal government to improve support measures. While acknowledging the government’s initiatives, such as the promise of N50,000 to MSMEs, he urged timely disbursement and inclusion of organizations like NASME, NASSI, Chambers of Commerce and Industry, and the manufacturing sector in the selection and distribution processes.
The NASME chairman highlighted challenges faced by MSMEs, including taxation, and called for relief measures, especially for nano, micro, and small enterprises. He advocated for the involvement of Business Development Service Providers (BDSP) trained by SMEDAN to mentor and coach MSMEs, addressing challenges beyond financial aspects.
Karunwi also stressed the importance of improved access to finance, urging the government to simplify the process and offer finance at a single-digit interest rate. He noted that while some MSMEs benefited from government activities, there was room for improvement, emphasizing the need for depoliticizing loan application processes to ensure fair distribution.
Furthermore, he called for improvements in the energy sector, addressing irregular power supply, which affects businesses and leads to additional expenses on fuel or alternative power sources. Karunwi outlined key areas, including price stability, inflation control, and reliable power supply, as crucial for the survival and growth of MSMEs in Nigeria. He expressed hope for a better year in 2024 with enhanced government support.
