The Nigeria Association of Small and Medium Enterprises (NASME) has called on both federal and state governments to implement more effective and purposeful programmes to
alleviate the burden of inflation on SMEs and Nigerians.

The Chairperson of the Delta State chapter of the association, Lady Judith Nwachukwu, made the call after the association’s General meeting held on Saturday in Warri.

Nwachukwu also called for a transparent and accessible disbursement mechanism for the various SME intervention funds.

She said that the conditions for accessing these loans should be made more flexible, moving away from commercial bank standards that many SMEs operators could not meet.

Nwachukwu, said that SMEs, was the driver of the economy of every developed country in the world.

“As the engine room of the nation’s economic growth, SMEs in Nigeria is faced wíth multi-faceted crisis driven by sticky prices of goods and services,” she said.

Nwachukwu observed that the removal of fuel subsidies, exchange rate unification and persistent insecurity in food-producing states had collectively triggered the cost of raw materials and others.

She said that SME sector was crucial to achieving the nation’s “Renewed Hope Agenda” mantrah of President Bola Tinubu.

Nwachukwu, therefore, called on both the federal and state governments to renewed their commitment to the growth and development of SMEs in the country.

“As the engine room of economic growth and a significant employer of labor.

“While we acknowledge the government’s efforts to stabilise the economy and implement reforms.

“The current reality on the ground for our members is one of escalating production costs, diminished profit margins, and a significant drop in consumer demand.

“Our members, the backbone of Nigeria’s economy, are battling a multi-faceted crisis.

“This makes it increasingly challenging for SMEs to remain competitive and even to simply keep their doors open,” she said.

Nwachukwu, commended the President Tinubu for recognising the pivotal role of the SMEs in driving sustainable economic growth, job creation, and poverty reduction.

She said that the various policy initiatives, including tax reforms that raise the exemption threshold for small businesses, the ‘Nigeria First’ policy promoting local content, and efforts to improve access to finance were indeed right steps in the right directions.

Nwachukwu also commended the Delta State government for approving a N1 billion revolving fund for MSMEs.

She said that the revolving fund was being managed by the Bank of Industry at a single-digit interest rate.

“We expressed thanks to the state government for this huge intervention which has shown a clear understanding of the financial challenges faced by our members.

“We commend Governor Sheriff Oborevwori for this proactive step and urge for its swift and transparent implementation to ensure maximum impact for our members and Delta SMEs,” she said.

Nwachukwu also thanked the Bank of Industry, (BoI) for recently approving several loan applications for her members.

She expressed hope that BoI would facilitate the process seamlessly and ensure SMEs operators get the actual loans to boost their businesses.

Highlight of the event was the formal unveiling of the NASME Delta Multipurpose Cooperative Society.

The cooperative society is headed by Sir. Hilary Ikem who is also the Public Relations Officer of the association.