Funding is the bloodline of any business, whether it is a startup, nano, micro, small or medium-sized business.The high operating cost in the country has worsened the case of businesses that lack funds due to the process of accessing it and high interest rates.
Chairman, SMEs Group, the Lagos Chamber of Commerce and Industry ,Daniel Dickson-Okezie, said, though government has made efforts to improve the real sector through funding, more needs to be done. “Lack of transparency is part of the issue. Sourcing personal funds is so difficult as interest rates are prohibitive. Government needs to assist SMEs boost their businesses via loans at single digit rate, as they are in dire need of these loans,” he pointed out.
“The government says there are a lot of windows to access loans but these windows are not actually accessible. The loan facilities are not accessible. The CBN needs to facilitate easy access to loans,” he stressed. For the managing director, Aarti Steel Nig Ltd, Imokhai Ehimigbai, who is also a member of Manufacturers Association of Nigeria, Export Group , lack of funds is a serious challenge to adding value to our export proceeds.