Government financial institutions to support MSMEs to create jobs
The financial sector have identified non-access to credit as the major challenge facing the Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, asking government at all levels and financial institutions to create support for growth of SMEs and ultimately generate more jobs opportunities for the youths. They noted that the segment of the economy accounts for over 50% of the Gross Domestic Product (GDP) in the country and enjoys less than one per cent of the banking system’s credit to the economy. This, according to them, had made it difficult to unlock the huge potentials of small businesses in job creation, poverty reduction and economic inclusion. Furthermore, they added that this underscores the disconnection between the small business and the banking sector, which demonstrates a critical failure in the financial intermediation role of the banking system. Therefore, they called for a holistic and multi prolonged intervention that would help stimulate developm