The Lagos Chamber of Commerce and Industry (LCCI) said that it would collaborate with the Nigeria Stock Exchange (NSE) to fund Small and Medium Scale Enterprises (SMEs) under the chamber. Alhaji Remi Bello, the President of the chamber, stated this when he visited the NSE in Lagos.
Bello said that the chamber believed that the NSE was the right place where reliable and long-term funds could be sourced to grow and develop the SMEs. According to him, the platform will enable more SMEs under the chamber to participate in the stock market.
“Our major aim of visiting the NSE today is to seek its collaboration in providing the needed funds to grow our SMEs. With such collaboration, the SMEs will have the opportunity to participate and benefit from the Exchange,’’ he said.
Bello noted that funding was one of the major challenges confronting the Chamber in the course of managing its SMEs. Though there are other challenges facing the chamber that includes institutional, managerial skills and technical challenges, amongst others.
“But because the SMEs are a long-term project which requires on long-term funding.
“We have confidence that the NSE has the sole capacity to help us solve their funding challenge,” Bello added.
He, however, urged the NSE to continue in its efforts in growing the stock market, adding that when the stock market and the SMEs grow, the economy i
