By Francis Ogwo
The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Umaru Radda, has pleaded with the Central Bank of Nigeria (CBN) to increase the N50 billion COVID-19 intervention fund for MSMEs and households towards enabling a better recovery from the impact of the COVID- 19 on their businesses.
This was contained in a statement the Director-General made on Monday while speaking on plans for the MSMEs Day, celebrated globally on the 27th of June every year.
According to the SMEDAN boss, “I want to call on the Central Bank of Nigeria (CBN) to think of increasing this COVID-19 loan facility from N50 billion because, in a short time, the MSMEs will exhaust this N50 billion.
“We need additional money for the MSMEs because we are still under the lockdown and the COVID- 19 pandemic in the country.
“Interstate movement is still restricted and the flight and train are not operational. So, we still need more assistance because we don’t know when this pandemic is going to end,” Radda added.
While reviewing the impact on the pandemic, Radda noted, “There is the fortunate side of the COVID-19 because many enterprises emerged especially in the area of information technology.
“Also, there are a lot of MSMEs who came up with a lot of innovations of face masks and hand sanitizer and a lot of other businesses.”
He, therefore, urged MSMEs to apply and benefit from the COVID-19 funds rolled out by the federal government, adding that the interest rate is 5%, one-year moratorium and the provision to get a guarantor was waved off.
Recall that experts have called on quick efforts to save the future of small businesses, which have been threatened with the harsh and delayed COVID-19 restrictions and containment measures.
