NACCIMA lauds Buhari’s directives to CBN, others to provide financial stimulus packages for SMEs

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended President Buhari for directing the Central Bank of Nigeria (CBN) and other financial institutions to provide financial stimulus packages for Small and Medium Enterprises (SMEs) in the country in view of their critical role.

NACCIMA made the commendation through its Director-general, Ambassador Ayo Olukanni, while reacting to the speech by President Muhammadu Buhari on  April 27,  to announce the gradual winding of Lockdown and new strategies to combat the Spead of Covid 19 in the country.

According to him, “Of significance in the address is also directives by Mr President  to the CBN and other financial institutions to make plan and provision for financial stimulus packages for SMEs in view of their critical role.

“We also want to call on respective authorities administering these financial stimulus packages to allow easier access and early disbursement of the funds once the applicants can prove their own credibility and track record.

“In this regard we call on Chambers members to take advantage of the opportunities under the National Collateral Registry (NCR) to register their moveable assets to enable prospective applicants avail themselves of the opportunities available under and through the NCR at this period, “ the DG said.

Commending the federal government over its actions on lockdown, Olukanni said the need to ease the lockdowns in some states to prevent total destruction of businesses and the Nigerian economy was commendable.