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NASME indicates that N800bn SME intervention funds are failing

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With a combined funds outlay totaling N800 billion in credit intervention in the micro, small and medium enterprises, MSME, sector the National Vice Chairman South West zone of the National Association of Small and Medium Enterprises, NASME, Mr Jemi Alade, said it is very hard to tell if there has been any impact so far on the fortunes of the sector.

Speaking to Vanguard SME & Entrepreneurship in his office in Lagos last week Alade gave a critical review of the 2016 state of affairs in SME sector, especially as it relates to government’s interventionist programmes and concluded there was not much to be reckoned with as progress.

He stated: “On intervention funds, we see so many things floated but the monies have not gone to the proposed beneficiaries. All the promises given in 2016 failed because budget was not implemented.

“It is very hard to tell what has been achieved with those funds and I don’t know of any SME operator that has received the credit facilities, may be one or two out of millions.

“There is no clear picture that the interventions have assisted in bridging the huge funding gap in the sector”.

Vanguard, November 20

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