Dignitaries/ Participations at the workshop

By Ngozi Onyeakusi—The Executive Director, Civil Society Legislative Centre (CISLAC), Auwal Ibrahim Musa has regretted that despite various Government interventions, N617.3 billion financing gap has continued to plague the Micro, Small and Medium Enterprises (MSMEs) in the country.
Musa, who was represented by the Program Manager Tax Justice, Environment and Conservation of Nature, Chinedu Bassey made the observation in his opening remarks at the ongoing Stakeholders’ sensitization and building workshop on fiscal and technical opportunities for mutual economic growth of SMEs and private corporations orgnized by CISLAC in partnership with the Nigeria Association of Small and Medium Entrepreneurs (NASME) held in Lagos.
He noted that despite efforts, by the government through Small & Medium
Enterprises Development Agency of Nigeria (SMEDAN), Central Bank of Nigeria (CBN),
Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), Nigerian Export-Import Bank, Bank of Industry, Bank of Agriculture and Development Bank of Nigeria) access to finance has continued to be the most pressing problem MSMEs face in Nigeria with less than 5% of SMEs being able to access adequate finance for working capital and for funding business growth/expansion according to the National Bureau of Statistics (NBS).
He equally pointed out that a 2020 MSME survey by PwC estimated the financing gap for Nigerian MSMEs to be about N617.3 billion annually (pre COVID 19 pandemic).

He put other pressing issues plaguing the sector to include limited to multiple taxation and regulatory challenges, levies, lack of coordination of federal & state agencies, and the absence of a central technology platform for the ease of payment of taxes among others.

He stated that the recent Finance Acts have
provided a fairly soft-landing for SMEs whose performance might have been more impacted negatively in the face of the COVID-19 pandemic and projected recession.

He assured that the engagement which was in partnership with NASME and with support from Oxfam, prevails on the above, to amongst other things, will strengthen fiscal and technical support opportunities through capacity-building and relevant consultations between SMEs and relevant government and professional agencies for mutual economic
growth.

The workshop, he said was specifically aimed to identify challenges that limit access to finance for SMEs and the opportunities to be leveraged to inform civic advocacy for improved access to finance for small business growth/expansion; Sensitize and build capacity of SMEs on relevant statutory requirements, legal and policy frameworks, financing institutions, alternative financing instruments and resources needed to secure funding; and Strengthen platforms for SME￾government interface for fiscal support and mutual growth opportunities.

Earlier in her goodwill message, the Deputy-President NASME, South Governing Council Executive, Mrs Gbemi Oduntan said NASME was delighted to partner CISLAC because of their expertise knowledge. She commended CISLAC for their resolve to gather SMEs to enlighten them and made to be aware of various opportunities available for them.
She regretted that despite the laudable objectives of the association, members still found it difficult to run their business in line with best practices and standard adding that it has hampered them from expanding their business.
She lauded CISLAC for putting together the workshop assuring that it will provide guideline that would help them overcome their challenges.