Convention for Business Integrity, Chamber of commerce seek solution to MSMEs exclusion from major financing chains

Date:

Share post:

Despite the fact the small businesses in Nigeria contribute 48% to the nation’s GDP, and employ 80% of the citizens, they have been largely excluded from major financing chains. The Convention for Business integrity (CBi) and the Lagos Chamber of Commerce and Industry (LCCI) are seeking long term solutions that will facilitate increase financing and backing for Small Medium Enterprises in the country. Therefore, an event has been scheduled for Radisson Blu, at Isaac John, Ikeja, on Monday 25th of November, 9am, to unveil the new solutions.

What the collaboration between CBi and LCCI seek to tackle is the negligence of small businesses in terms of documentation, structured management, and many other lack of compliance to key processes that make the SMEs intractable and unattractive to financial institutions and venture capitalists.

According to a World bank estimates, “as of 2012, only 5 percent of SMEs have a loan, despite the fact that 80 percent of them seek financing. Furthermore, financing constraints seems to depend on the size of the firm. An estimated 59 percent of small firms report difficulties in accessing finance compared to 35 percent of medium firms and 11 percent of large SME firms.”

The event at on November 25th will tackle those key challenges and ensure small businesses begin to stake claim to their rightful place in the overall scheme of the nation’s economy. Interested participants should reach:

Yinka Johnson (07013715571) at [email protected]  and

Kitan Babalola (08067829272) at kitan. [email protected]  

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

Five (5) Steps to Discover, Sift Fake News – Culled from BBC

Written by Amanda Ruggeri Pioneered by digital literacy experts, the "Sift" strategy is a technique for spotting fake news...

Food Production Segment: Pasta Segment Thriving

Do you seek a segment to invest your food production funds? Here is an opportunity lever. Market consumption dynamics...

Business Opportunities: 70% Growth in Current Food Production Level Required in 2050

A report collated by the World Economic Forum (WEF) has emphasised that the current global food production level...

HBR: Four (4) Approach to Diversifying Your Business – Graham Kenny

Summary: Although conventional wisdom suggests that companies should look for growth opportunities close to their core businesses and...