Business

COVID-19: Finance experts canvass increased funding for MSMEs

Finance experts have advocated for additional finance support to resuscitate majority of Micro and Small Medium Enterprises (MSMEs) weakened by impact of Covid-19 outbreak. This was, as they lamented that 42 per cent of workers in hospitality sector exited their jobs as a fallout of the pandemic on the economy.

The experts drawn from World Bank, deposit money banks and industries via webner by National Development Bank (DBN) to brainstorm on a topic: “Risk sharing: a key driver for increased financial access and economic development for MSMEs,” noted that Credit Guarantees Schemes (CGS) were popular policy instruments created to help alleviate credit constraints faced by MSMEs.

In Nigeria, they noted the existence of some challenges with risk sharing in the local market, adding that most MSMEs were yet to grasp the concept of risk sharing and credit guarantees. Panelists on the session included CEO, InfraCredit, Mr. Chinua Azubike; Group Head Emerging Business, Access Bank Plc, Mrs. Ayodele Olojode; Senior Financial Sector Specialist, World Bank, Mr. Ahmed Rostom, and MD, JNC International, Mrs. Claire Omatseye.

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