The industrialists under the auspices of the Lagos Chamber of Commerce and Industry, (LCCI) are advocating concessionary credits for Micro, Small and Medium Enterprises (MSMEs) to enhance sustenance of the private sector.
This is as the Nigerian Association of Small and Medium Enterprises (NASME) has unveiled a substantial N2 billion empowerment fund dedicated to transforming the Micro, Small and Medium Enterprises (MSMEs) sector.
The president of LCCI, Dr. Michael Olawale-Cole recommended that, to reduce shocks from supply chain disruptions of raw materials, the Central Bank of Nigeria (CBN) should ensure that targeted concessionary credit to the private sector is sustained for MSMEs, while it embarks on tightening monetary policy to tame inflation.
The chamber also said, the cost of logistics had gone up due to the poor state of roads and the lack of connectivity amongst farms, factories and markets.
According to the LCCI president, the government must take cognisance of the socio-economic implications of fuel subsidy removal, especially with unemployment at an unwholesome rate of about 40 per cent.
He explained that the Micro, Small and Medium Enterprises (MSMEs) in the country are presently struggling to make profit and remain in business, with the cost of operations spiralling out of control.