The United Nations Industrial Development Organisation(UNIDO) has urged financial institutions in the country to support small and medium – scale enterprises (SMEs) with more funding. The agency said entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities. UNIDO representative to ECOWAS & regional director, Nigeria regional office hub,Jean Bakole , made this appeal in Abuja weekend at the opening session of a workshop for entrepreneurs.
Bakole said considering that small businesses broaden the base of participation in society create jobs, decentralise economic power and give people a stake in the future, there was the need to provide every needed support to them. Bakole , who noted that collateral requirement by banks remains a major impediment to SMEs access to loans, however argued that supporting trained entrepreneurs to start up or expand their businesses was a task the banks must not shy away from. He said: “There is no doubt that Nigeria’s SME sector is the largest employer of labour in the country today. However, there is a major challenge that should be at the back of our minds as we implement the project.
“This relates to how to formalise and grow the large micro enterprises estimated to be over 37 million enterprises in 2013, according to a SMEDAN/NBS survey of small and medium-scale enterprises. “As we gather today to brainstorm on the implementation of the project, I will request those of you from the financial institutions to think of ways to support these trained entrepreneurs to start up or expand their businesses, especially those who are able to develop a bankable business plan,” he said.
He also revealed that about 10,000 entrepreneurs have benefited directly or indirectly from its HP Learning Initiative For Entrepreneurs (LIFE).
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