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The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged the bank’s intent to increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in Nigeria.
He spoke at the 51st Convocation Lecture of the University of Lagos, Lagos, where he noted that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.
According to him, he special consideration should be given to the strengthening of physical and ICT infrastructure to enable SMEs perform more efficiently and become globally competitive.
He emphasized the critical role of vibrant and growing SMEs to the growth of the economy and the creation of jobs for Nigerian youth, adding that special consideration should be given to the strengthening of physical and ICT infrastructure to enable SMEs perform more efficiently and become globally competitive.
Noting that the potential of SMEs in enhancing economic growth was hampered by limited access to finance, inadequate infrastructure and poor digital penetration, Mr. Emefiele enjoined the Government and the private sector to provide more support in addressing the challenges of SMEs in the country. Specifically, as users of new technology, he urged that policies should incentivise the adoption of innovations that will improve SMEs competitiveness and productivity. He also tasked all relevant stakeholders to deepen reforms that will improve human capital development through skills enhancement and proper linkage of research to the SME sector.
He implored tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets, in order to reshape the existing curriculum, enhance the learning experience of students and foster innovation amongst the faculty and staff in Nigerian institutions.
He that enhanced collaboration between universities and players in key sectors of the economy such as agriculture, manufacturing and ICT were necessary to enable implementation of sound ideas generated from the universities.
He, however, noted that universities in many developing countries had little or no formal linkages to industry, thereby, resulting in the production of ill-equipped graduates.
He challenged Nigerian tertiary institutions to ensure effective collaboration with industry players in key sectors of our economy, in the training of relevant manpower to minimize mismatches between the skills required by firms and the educational qualifications of Nigerian graduates.
He spoke on the role of the CBN in the development of SMEs in Nigeria, and reiterated that the apex had launched massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs. He said attention had also been paid to advancing knowledge and innovation through various initiatives targeted at promoting youth’s entrepreneurship, research and development.
Congratulating the graduating students, Emefiele urged them to take advantage of some of the Bank’s directly aimed at supporting SMEs such as the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); Youth Entrepreneurship Development Programme (YEDP); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).
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