Written by Sarah NEGEDU

Intervention funds: MSMEs asked to form cooperatives

Small businesses, especially those in rural areas, have been encouraged to register with recognised cooperatives to facilitate their access to financial interventions.

A staff of the Financial Inclusion Secretariat of the Central Bank of Nigeria, CBN, Mr. George Ogudu, gave the advice at a pre-event seminar to mark this year’s United Nations Cooperatives Day celebration.

Ogudu urge Micro and Small, Medium Enterprises, MSMEs, to partner with the Cooperative Financing Agency of Nigeria, CFAN, to benefit from some of its financial interventions.

“The CBN has a lot of interventions to help the poor come up to the level where they can live better and one way they can key into this intervention is through CFAN which we know as the registered body of cooperatives.

“We have our Micro and Small, Medium Enterprises fund of N220 billion, 60percent of which is earmarked for women,” he said.

Speaking on the essence of the United Nations Day of Cooperatives, the Executive Secretary of CFAN, Mr Emmanuel Atama said, this year’s celebration will dwell on sustainable consumption and production of goods and services.

Atama said the pre-cooperative day seminar was a forum for partners, like the CBN and other stakeholders in the value chain, to meet and rub minds on the direction of financing the value chain.

Meanwhile, the Presidency said it is set to reward outstanding MSMEs at the inaugural National Micro, Small, Medium and Enterprises, MSMEs, awards.

The award is an offshoot of the MSMEs Clinic which has been held in 17 states across the country and the FCT.

The Special Assistant on MSMEs and Coordinator National MSMEs Clinic in the Office of the Vice President, Mr Tola Adekunle Johnson, stated this at a press conference. He said the platform will be used to reward successful MSMEs across the 17 states.

“The vice president has met over three hundred and three thousand MSMEs in over 17 states across the country, so he said we should create a platform to reward some of the MSMEs. That is what has given birth to the National MSMEs award,” he said.

Johnson said the awards are cash backed and that the MSME of the year will go home with a brand new car and others will get laptops and cash rewards.

The awards will be given in the following category; “Award for the MSMEs of the year, Young MSME of the year, Most friendly MSME state, Award for excellence in creative arts, MSME award for excellence in agriculture, MSMEs award for excellence in manufacturing, MSMEs award for excellence in technology and innovation, MSMEs award for excellence in Fashion and style and MSMEs award for excellence in leather works amongst others.”

The inaugural MSMEs award is scheduled to hold on August 2.








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