On 25th June, seemingly already tapping into the then forthcoming World MSME Day, Vice President Yemi Osinbajo launched a Micro, Small and Medium Enterprises Clinic in Ibadan, Oyo State.
On the occasion, the Vice President of Nigeria said that the establishment of MSMEs was believed and wired to bring the regulatory agencies whose operations impact the business experience of MSMEs near them.
He also mentioned that such regulatory agencies should rather be facilitators of business, rather than obstacles. This he remarked at the 17th National Micro, Small and Medium Enterprises in Ibadan.
Osinbajo was represented by his Special Assistant on SMEs, Mr. Tola Johnson, who said that “Having all the agencies in one location at the same time saves MSMEs the travel time and cost of going to different agencies.”
Johnson added that “MSME clinics have also enabled regulatory agencies to acquire a better understanding of the difficulties that MSMEs face and caused them to take steps to remedy the situation as required.”
Johnson made an instance along which line he reported that several agencies had reduced the cost and timelines for service delivery to MSMEs. He mentioned that since the launch of the program last year, it has proved less cumbersome for small businesses to access funds because the Bank of Industry (BoI), Development Bank of Nigeria (DBN) and NEXIM Bank have used the platform to expose their products and vamp up their loans to MSMEs.
In an earlier remark, Governor of Oyo State, Abiola Ajimobi, pledged the allegiance of his administration to the sector owing to its significant contribution to the economy of the nation.
Join us to never miss an update
Live Updates, Funding News,
Innovation Stories & more
straight in your inbox.
Strictly regulated content. No spam.
9500+ subscribers are getting our free newsletter on African technology, startups and innovators bi-weekly.
Made with ❤ in Africa