Members of the Organised Private Sector (OPS) have commended the Central Bank of Nigeria (CBNs) intervention of N50 billion targeted credit facility to support their business, pleading with the apex bank to fast track payment so as to mitigate the suffering of members.
The facility, which is for households, small and medium enterprises (SMEs) that have been particularly hard hit by COVID-19 pandemic, they explained will keep their business going.
National Association of Small Medium Enterprises (NASME) and National Association of Small Scale Industries (NASSI) stated that there was need to fast-track access to the loans by credible businesses and SMEs in Nigeria, adding that the move was a proactive response to the current economic challenges. They promised to guarantee members’ applications, as well as ensure that the loans are properly invested and repayments made as and when due.
Lagos Chairman of NASSI, Gertrude Akhimien, who eulogised efforts of the federal government and the CBN to support small scale industries, opined that CBN guidelines for accessing the funds were not quite favourable, but had no choice as they needed the funds to keep their business going.
Specifically, Akhimien said for the collateral, which is one of the criteria for accessing the funds, the bank was ready to accept industry machinery for those small scale industries who don’t have movable assets as stipulated by the apex bank.
“For the collateral, the easy part is that they are ready to accept our machinery, so that will help us. Our members are industrialists, and they have machines or equipment on ground. We have advised them to list the equipment, cost them and present them as collateral.
For small businesses, we don’t have such landed property or assets or collateral items.
Noting that non of her members have been able to access the fund, she said: “Non of our members have not accessed the fund, we were asked to apply through National Association of Chambers of Commerce, Industries Mines and Agriculture (NACCIMA), so, we don’t know whether it’s NACCIMA or CBN, delaying our payment.
