The Nigeria Association of Small and Medium Enterprises has called for the institutionalisation of intervention funds as revolving schemes to ensure sustainable financing for micro, small and medium enterprises in Nigeria. Abdulrashid Yerima, President of NASME, made the call during a panel discussion at the ongoing 2025 MSME Forum on Tuesday in Abuja. Mr Yerima said that the practice of disbursing intervention funds as one-off measures was insufficient to address the long-term challenges faced by MSMEs, especially in a volatile economic environment. Mr Yerima said that government intervention through the Bank of Industry and other platforms had positively impacted businesses in the past. He, however, said that there was a need to scale up and sustain such efforts through long-term planning.
The NASME president also called for a national MSME financing framework that aligned with Nigeria’s industrial, trade, and youth employment strategies. He said 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 and comes at a critical time for small businesses. “The credit guarantee scheme is essential, especially as MSMEs are considered high-risk by conventional lenders. We believe that with appropriate support, these businesses can thrive and repay loans, making the fund sustainable,” he said. 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.
Mr Yerima emphasised the need for targeted support to critical sectors like agriculture, manufacturing, logistics, and services, stressing the interconnectedness of these industries 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 for the development of cross-border financing tools to support MSME trade across Africa under the African Continental Free Trade Area. Nike Kolawale, the executive director of Operations at Credicorp, reiterated the importance of collaboration between state-level MSME leaders and Credicorp to drive grassroots engagement.
Mr 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. Peter Shivute, the executive director for MSME Development and Export Promotion at the Namibia Investment and Development Board, stated that unity among African economies would ensure real progress in trade and development. Mr 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. Ogo Akabogu, the divisional head of North-Central for BOI, also expressed the bank’s commitment to the sector’s growth. Ms Akabogu said that BOI was exploring ways to shorten the turnaround time for assessing its loans, benefiting small business owners. NAN
