The Nigerian Association of Chambers of Industry, Mines and Agriculture (NACCIMA) today criticised the federal government’s policy on the disbursement of N50,000 to Micro, Small and Medium Enterprises (MSMEs), stating that the initiative has not yielded the desired results.
Speaking on Arise Television, the National President of the Association, Dele Oye, emphasised the need for the government to involve the Organised Private Sector in economic decisions.
He stated that since the government has been trying to address the issue alone without success, it needs to collaborate with the private sector and focus on its role as a regulator, providing an enabling environment for businesses to thrive.
“We should look at sector by sector and find out where we have challenges. Instead of sending N50,000 the way they are doing, which has not yielded anything, we can use our co-operative platforms,” he said.
The president explained that all the government needs to do is “give us a target, let’s say to train 5 million Nigerians within a stipulated timeframe and ensure they are given stipends while they are in training.
“You will skill them up, and they will emerge as better entrepreneurs rather than just sending money to them without any objective,” he noted.
Speaking further, Oye revealed that the Association had recently become aware of “corruption at the point where the monies (N50,000) are disbursed.
“It is important that the government finds a sustainable way to create more entrepreneurs.”
The president also expressed concern over the government’s recent decision to provide incentives for the importation of agricultural products without consulting industry players, stating that this approach would not benefit the country as much as it could have if industry stakeholders were involved.
“We had a lot of complaints from our members that those importations will destroy the efforts they are already making in the industry.”
Oye also highlighted the lack of access to finance for members, noting that the 30 to 40 per cent interest rates from commercial banks in the country are too high for businesses.
He further stated that taxes are another factor hindering business growth in Nigeria and advised the government to partner with the Association, which has over 100 Chambers of Industry under its umbrella, to truly understand the needs of small businesses in the country.
