Edo Stakeholders Advocate Ways to Fast track Access to Finance, Market

Adibe Emenyonu in Benin City

Stakeholders at a one-day workshop yesterday in Benin City, Edo State have enjoined government and the private sector to under-study workable, “group lending system” as means of fast-tracking access to funds and markets for Medium Small-scale Medium Enterprises (MSMEs) in the state.

The stakeholders which was made of personnel from Edo Ministries, Departments and Agencies (MDAs) and 30 private sector-led groups including the Benin Chambers of Commerce, Mines and Agriculture, LAPO Institute, also suggested tapping the involvement of regulatory bodies like the National Agency for Food, Drugs Administration and Control (NAFDAC), and Standard Organisation of Nigeria (SON) to improve the standards of existing products.

They further recommended access to farm inputs through special agricultural schemes that would boost agro-based activities and improved value; as well as the need for the state to work with private sector groups in strategic sessions in order to eliminate on-going funding opportunities for MSMEs.

The stakeholders’ meeting under the auspices of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), a German agency was on public-private dialogue on access to finance and access to markets,

In a keynote address, Edo State Coordinator and Policy Advisor of GIZ, Ms. Blessing Oluwatosin Ajomoti, said what informed the decision of the partners to hold dialogue was purely on the constraints being faced by MSMEs.

According to Ajomoti, “The programme is aimed at improving access to finance and business services, strengthen entrepreneurial and managerial skills, and address key barriers in the business and investment environment.

“To achieve the desired outcome, GIZ–SEDIN is supporting the efforts of the organised private sector in Edo State to advocate for policies and initiatives that improve the business enabling environment for MSMEs in the state.

“In addition, GIZ-SEDIN is supporting the Edo State Government and the private sector in the stakeholders’ goal to engage another formally and periodically to implement the Pro-Poor Growth and Promotion of Employment- SEDIN Programme.”

The priority constraints, Ajomoti added, included access to market, access to finance, the need to support more local content, improve taxation and access to power/energy.

She said: “These priority areas were identified during a Priority Policy Area Selection Workshop held by the organised private sector in Edo State in March 2022. The recommendations identified during the PPDs will be documented for the public sector’s implementation.

“The implementation of the recommendations will also be tracked and the public sector will report on progress recorded at the next engagement between the Edo State Government and the organised private sector.”

Other recommendations by participants and stakeholders at the meeting included the need for MSME’s to function properly with the aims and objectives setting them in the state; that government through its agencies should work with producers, ooperative/consortiums to facilitate the formation of new ones to promote, share technical and managerial resources.

They also suggested improvement capacity of MSMEs to access finance through business support services across sectors, reviewing loan required collateral or guarantors which may not be available for business owners especially at early stage entrepreneurship

Other recommendations included continuous communication to drive grassroots impact on initiatives, collaboration between government agencies and the private sector groups.