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Bridging the $158million MSMEs Funding Gap in Nigeria
By CHIOMA OKORIE
NOVEMBER 22, 2023
Addressing the substantial $158 million USD funding gap for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, the Center for Strategic Enterprise Development (CSED) took proactive measures by introducing The Funding Forum (TFF).
This innovative initiative serves as a pivotal platform fostering collaboration and dialogue among public-private entities and international development stakeholders, aiming to champion inclusive finance for MSMEs. In collaboration with the Abuja Chamber of Commerce and Industry and the Federal Ministry of Industry, Trade, and Investment, CSED established The Funding Forum, forming a robust Local Organizing Committee (LOC).
Comprising key players such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nigeria Investment Promotion Commission (NIPC), Nigeria Export Promotion Council (NEPC), Standard Organization of Nigeria (SON), Bank of Industry (BOI), Development Bank of Nigeria (DBN), Industrial Training Fund (ITF), Nigeria Import-Export Bank (NEXIM Bank), Nigeria Export Processing Zones Authority (NEPZA), Corporate Affairs Commission (CAC), among others, the LOC embodies a comprehensive approach to addressing the funding gap.
The Operational Team of The Funding Forum, to date, has successfully engaged influential entities including the Central Bank of Nigeria (CBN) via the National Collateral Registry (NCR) within the Development Finance Department. Additionally, strategic partnerships have been forged with the United Nations Development Programme (UNDP), Volunteers Overseas (VSO), Abuja Enterprise Agency (AEA), Ajim Capital, Dignity Finance, and Kwik Capital.
"The collective objective is to mobilize a substantial fund of at least $2 million USD for qualified MSMEs, subject to meticulous due diligence post-event"
Positioned as an annual event, The Funding Forum aims to evolve into a regionalized forum in the coming years, emphasizing its commitment to sustained and widespread impact on MSMEs in Nigeria. This strategic approach underscores the imperative of collaborative efforts to bridge the funding gap and empower MSMEs for economic growth and development.
Published Date: November 22, 2023