Abuja: Access to funds for SMEs pose a continuous threat to its survival, as most businesses struggle to raise enough capital to make its development and operation sustainable.

At just concluded National Assembly Business Roundtable Anniversary (NASSBER Anniversary) held at Abuja that included; private sector, Nigeria Economic Summit Group (NESG), Department for international development (DFID) and legislative arm of government presided the senate president.

Dr Doyin Salami made a case for the legislative process and period it takes for its impact to be felt by the citizen, he further stressed that there needs to be an effective measure taken for the citizen and businesses to economically feel the bills passed in their everyday life.

The Senate president: Dr Bukola Saraki shed more light on the legislative development for made in Nigeria and difficulty faced by SMEs to be able to access quick soft loan, as the requirement and interest rates is not feasible for most businesses to operate with. To this effect a bill to allow movable asset to be able to access funds from institutions is been worked on.

Speaking with public relations of cokodeal.com; an ecommerce marketplace for made in Nigeria, he commends the effort of government for tackling ease of doing business in Nigeria. Cokodeal limited have direct interactions with many small, medium businesses and understand the challenges faced including; electric power, logistics, capital, weak infrastructure and lack of business incentives.

CEO of cokodeal mentioned that the company has setup a free service to support SMEs to be able to have access to loan by helping them put together all required documentation and processes to access capital to support their businesses, with a believe that it will help many more ideas and SMEs grow to become a better operating business with a higher rate of SMEs survival.

Prince Degun Agboade the chairman of National Association of Small and Medium Enterprises (NASME) stated SMEs account for 96% of businesses in Nigeria and biggest employer of labour marked at 84%. However, many SMEs struggle to grow and die within its first five years, due to non-sustainable business environment, funds and other infrastructures. With an increase to soft loan at low interest rates, there is a positive view SMEs demise numbers will reduce, as we see more successful businesses creating jobs and growing a stronger economy.

trefd