By Timothy Choji, Abuja
In a significant move to bolster the Micro, Small and Medium Enterprises (MSME) sector, Access Bank PLC, a leading Nigerian financial institution, has announced an investment of N30 billion. The Group Managing Director of the bank, Mr Roosevelt Ogbonna, made this disclosure during an interview with State House Correspondents after leading the bank’s management on a visit to Vice President Kashim Shettima on Friday.
The funds, earmarked for disbursement in the form of soft loans, will be specifically targeted at women and youth entrepreneurs, representing a monumental stride towards empowering these demographics in the business landscape.
“By collaborating with the office of the Vice President, we are committed to transforming the fortunes of small businesses owned by women and youths. It is a known fact that approximately 66 percent of MSMEs in Nigeria are owned by women and the youth,” stated Mr Ogbonna.
“One of the prominent challenges they encounter is access to finance. Therefore, following our discussions with the office of the Vice President, Access Bank has pledged N30 billion to support women, MSMEs, and the youth. We anticipate that these funds will be offered at discounted rates, underscoring our desire to profoundly impact this segment of the Nigerian economy. We are enthusiastic about playing a pivotal role in this transformative process and extend our gratitude to the Vice President and his office for entrusting us with this partnership,” he added.
Furthermore, the Group Managing Director highlighted that the initiative is expected to positively affect at least four million people, with the implementation process set to commence immediately in line with the directives from Vice President Shettima.
Mr Ogbonna stated, “We envisage that this intervention will benefit a minimum of four million individuals through the various programs we have outlined. This endeavor goes beyond mere financial support; it encompasses capacity building by providing training for the youth, empowering them through financing, and facilitating access to new markets for these SMEs. Our immediate priority is to identify deserving MSMEs and kick-start this initiative. Over the past 16-17 years, we have consistently supported SMEs and women, and this partnership serves as a catalyst for our expanded impact.”
“The Vice President has urged us to move swiftly from words to action, and thus, we are poised to hit the ground running to ensure the immediate actualization of this vision,” he affirmed.
Adding to the conversation, Temitola Adekunle-Johnson, Senior Special Adviser to the President on Medium and Small Scale Enterprises, underscored the conducive nature of Nigeria’s business environment for enterprise development. She emphasized that the newly announced scheme would fortify collaborations between the public and private sectors, fostering an environment conducive to business growth.
“The President has unequivocally conveyed Nigeria’s readiness to engage globally. Indeed, our doors are open for business partnerships. The symbiotic relationship between the public and private sectors is imperative for sustainable economic growth. The timing of this partnership is propitious. Access Bank has committed N30 billion at a discounted rate ranging between 15-17 percent, presenting a viable financing solution for MSMEs. This program is effective immediately, and we express our appreciation to Access Bank while encouraging further partnerships to bolster the MSMEs space,” she articulated.
Addressing the imperative of a level playing field for potential beneficiaries, she assured that all eligible applicants meeting the stipulated criteria would have equitable access to the facility.
