The Federal Government has canvassed for the provision of credit facilities for Micro Small and Medium Enterprises (MSMEs) at single digit interest rate by financial institutions.
Minister of State for Industry, Trade and Investment, Mariam Katagum Katagum,gave the advice at the virtual EcoBank MSMEs and Financial Inclusion Summit with the theme, “Unlocking Credit Growth in a Changing MSME Lending Landscape.”
She implored Ecobank Plc and the financial institutions to continue in the provision of much needed support for the Federal Government’s initiatives by granting accessible financing for the MSMEs at single digit interest rate.
She said: “As partners in progress, I charge Ecobank Plc and the financial sector as a whole, to continue to provide the much-needed support for Federal Government initiatives by facilitating and granting accessible financing for the MSME sub-sector, at single digit! I repeat at single digit!”.
She stated that she was delighted to be part of the event which came at a time when the present administration is strategically repositioning the Micro Small and Medium Enterprises (MSMEs) landscape towards achieving its full potentials with a view to contributing more to the economy.
“It is in this regard that I commend the efforts of the management of Ecobank PLC, for being the major sponsors of this event and more importantly, for your sustained commitment in providing credit to entrepreneurs and small businesses in the country.
“Distinguished participants, there is no doubt that Micro, Small and Medium Enterprises are regarded as the driving force behind structural changes and sustainable economic growth and development, particularly with respect to their contributions to job and wealth creation.
“These enterprises play a big role in the economy and are crucial drivers of innovation and competition in many sectors of the economy. The Federal Government has overtime created platforms to improve access to finance for MSMEs in order to boost production, increase the value of trade, enhance the investment climate, foster innovation and entrepreneurship.
