The Nation Newspaper Emplacing supportive financing ecosystem for MSMEs
Micro, Small and Medium Enterprises in Nigeria and the sub-region have the potential to provide jobs and boost economic growth. But their capacity to unleash this potential is limited by inadequate funding. With SMEs’ financing gap projected to reach $6.1 trillion by 2025, the disparity between the funding they require to expand and the actual funds accessible to them come to the fore.
In fact, the consensus is that inadequate access to finance and of course, challenging business environments are hindering MSMEs from contributing to economic development and wealth creation. However, efforts to change the narrative by eliminating these obstacles to unlock the growth potential of MSMEs are on course.
Glover said: “The ESO initiative aims to create a dynamic network of key stakeholders from the innovation, enterprise development and investment communities, fostering an ecosystem that supports sustainable development, technological advancement, and economic growth in Nigeria.
She stressed the need for organisations to pay more attention to the developmental impact in their support for increasing MSMEs’ access to finance. The IIF Nigeria boss, however, said the organisation was committed to achieving a prosperous, inclusive, resilient, and sustainable Nigeria, while sustaining its efforts to eradicate extreme poverty.
Dr. Awosika said the impact investing ecosystem in Nigeria is growing, and has a lot of opportunities that can be harnessed. “We need more information about the ecosystem, and this can come through collaboration and evidence-based research to spotlight the opportunities that abound in the impact investing ecosystem,” she stated.
She further highlighted the need to come together, bring their unique strengths and resources to the table and create synergies that may not be possible when they operate in silos. “This makes the RISA Fund Project to be a worthy course of action,” Awosika reiterated. A panel discussion focused on “Driving Sustainable Innovation and Impact Investments through Ecosystem Collaboration” shed light on the significant financial hurdles that MSMEs are currently encountering.
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