NASME says lack of funds, information hinders growth of SMEs

The Executive Secretary of Nigerian Association of Small and Medium Enterprises (NASME) Mr Eke Ubiji says lack of information and access to funds are the major problems of small businesses in Nigeria. Ubiji made the observation in an interview in Lagos. He said that SMEs’ poor access to development funds and lack of information on various government and industrial policies were scuttling the efforts of members of the association.

“There are so many information on the economy, interest rates that are on so many companies and government’s Website which are highly beneficial to business owners. How many business owners have the time to scout for that information? Yet, we complain of lack of access to funds. Most people are not even aware of the government’s policies as they concern their business, but they just sit and criticise. There are also many small and medium scale businesses that are not aware of the workings of regulatory bodies like NAFDAC, SON and so on and this we can attribute to ignorance.

“The smart ones get all the information they need through their gadgets and make decisions from there, not from rumours. I also get access to cheaper loans from agencies and cooperative bodies which so many people are not aware of,” he said.

Ubiji also said that basic computer education was necessary for business owners to acquire in order to live up to standards in the delivery of their goods and services.

He lauded the United Nations Industrial Development Organisation (UNIDO) for its proposed partnership and assistance to Nigerian businesses in building standards in production and manufacturing.