NASME’s Delta Calls for Renew Policy Measures to Unlock SMEs Growth Amid Inflation

Worried by rising inflation on prices of goods and services, the Nigeria Association of Small and Medium Enterprises (NASME), Delta State Chapter, weekend, called on the federal and state governments to implement targeted policies that can effectively alleviate the burden of inflation and unlock the SMEs’ full potential.

Speaking at a press conference after its general meeting in Warri, Delta State, over the weekend, Chairman of the association, Lady Judith Nwachukwu said that the sector faces escalating costs due to inflation, insecurity, and policy shifts such as the removal of fuel subsidies and exchange rate unification.

She said that despite ongoing economic hardships, SMEs have continue to demonstrate remarkable adaptability and resourcefulness adding that SMEs remain the vital engine of the nation’s development.

She called for reforms in the disbursement mechanisms of SME intervention funds, advocating for more transparent and simplified processes that move away from strict commercial bank standards, which many SMEs find difficult to meet.

Such reforms, she argued, would enable more businesses to access vital funding and contribute meaningfully to Nigeria’s economic recovery.

While acknowledging the government’s efforts—such as the ‘Nigeria First’ policy promoting local content, tax reforms raising exemption thresholds, and initiatives to improve access to finance—Nwachukwu urged policymakers to go further in designing support measures that recognize the unique challenges faced by SMEs.

According to her, SME sector is vital to achieving the nation’s “Renewed Hope Agenda” , calling on both federal and state governments to renewed commitment to the growth and development of SMEs in the country.

“As the engine room of economic growth and a significant employer of labor,
while we acknowledge the government’s efforts to stabilize the economy and implement reforms, the current reality on the ground for our members is one of escalating production costs, diminished profit margins, and a significant drop in consumer demand.

Advertisement

“Our members, the backbone of Nigeria’s economy, are battling a multi-faceted crisis. This makes it increasingly challenging for SMEs to remain competitive and even to simply keep their doors open.”

She commended the Delta State Government’s approval of a N1 billion revolving fund for MSMEs, to be managed by the Bank of Industry at a single-digit interest rate.

“We expressed thanks to the state government for this huge intervention which has shown a clear understanding of the financial challenges faced by our members.

“We commend Governor Sheriff Oborevwori for this proactive step and urge for its swift and transparent implementation to ensure maximum impact for our members and Delta SMEs”.

While explaining the benefits of being a member of NASME, Lady Nwachukwu, thanked the Bank of Industry, (BoI) which recently approved several loan applications for her members, saying “we hope they facilitate the process seamlessly and ensure our members get the actual loans to boost their businesses”.

The highlight of the meeting was the, formal unveiling the NASME Delta Multipurpose Cooperative Society, headed by Sir. Hilary Ikem who doubled as the Public Relation Officer of the association.

Advertisement