21st May 2024
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INCREASE LENDING TO SMES, MADUMERE URGES FG.

INCREASE LENDING TO SMES, MADUMERE URGES FG.

By Timothy Nwachukwu
The erstwhile deputy Governor of IMO State, His Excellency Prince Eze Madumere has called on the Minister of finance and the governor of the Central Bank of Nigeria to increase lending to small and medium enterprises as they are the true drivers of the nations economy.

In a press release made available to newsmen in Abuja, prince Eze Madumere noted that SMES are the engine of the nations economy and the growth of the economy will be dependent on the support which the federal government can make available to SMES.

He noted that SMEs have direct impact on the growth of any economy and contribute about 48 percent to Nigeria’s Gross Domestic Product (GDP), with employment generation.

Prince Eze Madumere stated that Small and medium-sized businesses drive the national economies. Given the potential of SMEs to unlock Nigeria’s economic growth, one of the challenges, however, is access to credit.

He opened that Small and Medium-scale Enterprises (SMEs), are now strategic and essential for accelerating economic growth in Nigeria. SMEs constitute about 90 per cent of all the businesses in Nigeria, creating more than 80 per cent of employment in the region.

Prince Eze Madumere expressed optimism that the Minister of finance and other relevant agencies under it’s purview will through robust policies accelerate the growth of Nigeria’s economy.

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