Emefiele pledges better deal for Start-ups, SMEs

06 Jul Emefiele pledges better deal for Start-ups, SMEs

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has pledged the Bank’s readiness to increase its development finance interventions to further support start-ups and Small and Medium-scale Enterprises (SMEs) in the country.

Delivering the 51st Convocation Lecture of the University of Lagos, on Monday, Emefiele noted that increased access to finance for start-ups and SMEs is highly essential for the growth of the nation’s economy.

He challenged tertiary institutions to set up entrepreneurship scheme competitions for students in order to develop their skills in job creation.

The CBN Governor said enhanced collaboration between universities and players in key sectors of the economy such as agriculture, manufacturing and ICT were necessary to enable the implementation of sound ideas generated from the universities.

He, however, noted that universities in many developing countries had little or no formal linkages to industry, thereby, resulting in the production of ill-equipped graduates.

Accordingly, he challenged Nigerian tertiary institutions to ensure effective collaboration with industry players in key sectors of the Nigerian economy, in the training of relevant manpower to minimise mismatches between the skills required by firms and the educational qualifications of Nigerian graduates.

On the role of the CBN in the development of SMEs in Nigeria, the Governor said that the bank had rolled out massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs.

Congratulating the graduating students, Emefiele urged them to take advantage of some of the Bank’s interventions directly aimed at supporting SMEs such as the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); Youth Entrepreneurship Development Programme (YEDP); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).

In his remarks, the chairman of the event and founder of Citadel Global Community Church(formerly Latter Rain Assembly), Pastor Tunde Bakare, said Nigeria economy needs to be more focused on MSMEs so as to significantly reduce youth unemployment and also achieve economic prosperity.

He asked the government to provide an enabling environment including a steady electricity supply that would make MSMEs thrive.

In his welcome address earlier, the Vice-Chancellor of UNILAG, Prof Oluuwatoyin Ogundipe said the choice of Emefiele to deliver the convocation lecture was due to his achievements and pedigree in the banking sector as well as policies that touch the lives of an average Nigerian. He added that UNILAG is passionate about imparting entrepreneurial skills to students and also help them to register workable business ideas with the Corporate Affairs Commission(CAC); give them the start-up funds and also connect them with mentors to able them to grow their businesses

He said the university had been able to attract up to N250 million grants from the Bank of Industry to develop MSMEs among the students of the university.