The Nigeria Association of Small and Medium Enterprises (NASME) has called for institutionalising intervention funds as revolving schemes to ensure sustainable financing for Nigeria’s Micro, Small and Medium Enterprises (MSMEs).
Dr Abdulrashid Yerima, President of NASME, called during a panel discussion at the ongoing 2025 MSME Forum on Tuesday in Abuja.
Yerima said that the practice of disbursing intervention funds as one-off measures was insufficient to address the long-term challenges MSMEs face, especially in a volatile economic environment.
Yerima said that government intervention through the Bank of Industry (BOI) and other platforms had positively impacted businesses in the past.
However, he said that such efforts needed to be scaled up and sustained through long-term planning.
The NASME president also called for a national MSME financing framework aligned with Nigeria’s industrial, trade, and youth employment strategies.
He said that donor funds and public resources should be leveraged to de-risk private capital, allowing blended finance models that could attract more private sector participation in MSME funding.
According to him, the newly established Credit Guarantee Company is a welcome development that is critical for small businesses.
He also urged financial institutions such as BOI and the Credit Corp to simplify their loan requirements and ensure that MSMEs were adequately prepared to access available financial products.
Yerima emphasised the need for targeted support for critical sectors like agriculture, manufacturing, logistics, and services, stressing their interconnectedness in building a resilient economy.
He called on the government to subsidise and capitalise MSME funds, ensure low interest rates of around three per cent, and invest in capacity building to improve loan repayment and business sustainability.
On regional cooperation, Yerima advocated the development of cross-border financing tools to support MSME trade across Africa under the African Continental Free Trade Area (AfCFTA).
The Executive Director of Operations at Credicorp, Mrs Nike Kolawale, reiterated the importance of collaboration between state-level MSME leaders and Credicorp to drive grassroots engagement.
Kolawale said that Credicorp was working to establish a robust national credit rating and verification infrastructure to support small businesses and ensure transparency in credit administration.
Mr Peter Shivute, Executive Director for MSME Development and Export Promotion at the Namibia Investment and Development Board, said that unity among African economies would ensure real progress in trade and development.
Shivute reflected on historical and political ties between African countries, citing past collaborations between Namibia and Nigeria as a foundation for stronger economic integration today.
Shivute highlighted Namibia’s natural advantages in solar energy and emerging industries such as hydrogen.
He emphasised the need for regional economies to pool resources and industrialise strategically.
He called for more innovative trade policies under the African Continental Free Trade Area (AfCFTA), including developing local manufacturing hubs to process imported components and reduce overreliance on foreign markets.
Shivute also urged the continent to adopt modern technologies in traditional sectors like agriculture and finance, adding that Nigeria remained a model for digital innovation in Africa.
Mrs Ogo Akabogu, Divisional Head of North Central, Bank of Industry (BOI), also expressed the bank’s commitment to the sector’s growth.
Akabogu said that BOI was exploring ways of shortening the turnaround time for assessing its loans to benefit small business owners.
