Federal Government Charged to Support SMEs to Grow Economy
A call has gone to the Federal Government to ensure the removal of administrative bottle necks on the paths of Small and Medium Enterprises (SMEs) towards accessing funds in order to enhance their contributions to economic growth.
In the same vein, the Central Bank of Nigeria and other financial Institutions were charged to embark on extensive sensitization of entrepreneurs on the operations of banks and reduction of high interest rates to single digit.
The call was made by a SMEs expert and a Senior Lecturer in the Department of Banking and Finance of Covenant University, Dr. Joseph Taiwo, in his office on Thursday. He spoke on the findings of his research work, “SMEs Financing and its Effects on Nigerian Economic Growth,” in conjunction with Dr. Edwin Agwu of the Department of Business Management and Temitope Falohun of Banking and Finance.
Dr. Taiwo argued that the importance of SMEs is such that cannot be ignored by the government of any country especially in Nigeria, adding that SMEs contribute about 80 to 90 percent of employment in Nigeria and generally assist a great deal in poverty alleviation as they help to generate income for the household.