The National Association of Small Medium Enterprises (NASME) and National Association of Small Scale Industrialists (NASSI) have expressed doubt over the reality of Federal Government’s interventions rolled out over time to cushion effects of COVID -19 pandemic on businesses.
In line with the pandemic the Federal Government had rolled out some initiatives to combat the potential negative impacts on households and businesses. In a circular, the Central Bank of Nigeria (CBN) described the intervention as part of measures to reflate the economy and support businesses.
These measures include but not limited to the creation of a N50billion targeted credit facility for households and small- and medium-sized enterprises (SMEs) that have been particularly hard hit by the pandemic and subsequent facilities. But the Associations have asserted that there was need to ease and fast-track access to the loans by credible businesses in Nigeria, saying the move was a proactive response to current economic challenges. They however, lamented that members have not been able to access the funds despite submitting lists of those who have applied with business plans.
Executive Secretary, Nigerian Association of Small and Medium Enterprises (NASME), Eke Ubiji, who bemoaned the conditions of his members said the funds were needed, because accessing credits now from banks to run businesses is quite difficult.
“They had the hope to access Federal Government funds but their hopes have been dashed since they had waited endlessly. It is so difficult now for SMEs to carry out most business tasks in this crisis period.
“Small businesses are in dire need of these loans, palliatives and bailout to remain in business.
“We don’t know how disposable those loans are. The situation is terrible. Businesses under NASME are yet to access the funds. The whole thing is sounding like a propaganda. Something has to be done to save the situation.”
For her part, Lagos Chairman of Nigerian Association of Small Scale Industrialists (NASSI), Gertrude Akhimien, who eulogised efforts of the Federal Government and the CBN to support small scale industries, lamented that members of the association in the South were not accessing the funds, adding that they have only been hearing of government’s new interventions without granting old ones.
She said most of its members’ forms have been approved, and were kept waiting endlessly without access to funds.
Appealing to government to be serious and keep to its promises, the NASSI boss noted it was unfair to keep people waiting without information on the reasons for the delay for almost two years.
She urged government to come out with clear statements of its intentions, on whether the funds that have been made available were closed; “are the new ones replacing the old ones or are they running together and for how long should we wait.
“We need to know. Are these funds overlapping; those who have applied earlier should be attended to before going into releasing more facilities.
“Here in the South, we have trained people in NASSI on how to file in application for the funds but unfortunately, we have not been able to get the funds. We only hear about them. We keep hoping endlessly. As far back as 2019 no one has received these monies. All we hear is that they are revamping.
We have been submitting lists upon lists. Those who have applied and set up their business plans are yet to receive. They keep assuring some of us that have been approved for the facility to hold on, till when? The situation is frustrating.
“We want government to be serious and taken seriously and keep to their promises. It is unfair to keep people waiting without information on the reasons for the delay for almost two years. Government keeps coming up with new funds without businesses accessing the old ones. We are at a loss on what advice to give to these applicants. We are in the dark.
We appeal that government should come up with clear statements of there intentions.
Meanwhile, CBN Governor, Godwin Emefiele, had faulted claims that the bank’s targeted interventions in the agricultural sector are tilted in favour of a certain section of the country.’’
Emefiele made the clarification at the unveiling of the 2020 wet season harvest aggregation and flag-off of the 2021 wet season input distribution in the South-West geo-political zone under the CBN- Rice Farmers Association of Nigeria, RIFAN, Anchor Borrowers’ Programme (ABP), in Ado-Ekiti, Ekiti state.
