By Vivian Emoni
The Abuja Chamber of Commerce and Industry (ACCI) says women entrepreneurs need easier access to non-interest financing to grow Small and Medium Enterprises (SMEs).
Prof. Adesoji Adesugba, the First Deputy President of the chamber, made this known at a roundtable meeting tagged, “Mobilising Non-Interest Funding for Women Businesses,” in Abuja.
Adesugba emphasised on strategies for women to access interest-free loans and business funding support, adding that such effort would enhance their businesses.
He said women dominate the SMEs sector but continue to face major challenges accessing finance for business expansion.
According to him, the meeting will examine how women cope with funding difficulties and where they seek financial support.
He said that participants would discuss barriers preventing women-owned businesses from accessing government intervention programmes.
“Many women entrepreneurs are unaware of existing Federal Government funding initiatives and support mechanisms.
“This gathering will help the women have the knowledge and offer them more guide to go about their business,” he said.
Adesugba described poor information dissemination as a major reason women fail to benefit from government-backed business interventions.
He said the programme aimed to connecting women entrepreneurs with available financial initiatives and funding opportunities.
He added that organisers planned to develop a database linking businesses that needed support with funding providers.
He expressed concern over poor participation by banks managing government grants and intervention programmes.
According to him, financial institutions should educate women on available funding channels and application procedures.
“Commercial bank lending rates is between 25 per cent and 28 per cent and this is too high for businesses to survive. Such interest rates weaken local enterprises when compared with businesses operating in Europe and South-East Asia.
“Poor funding conditions have made Nigeria vulnerable to excessive importation and reduced local productivity,” he said.
The first deputy president emphasised the need to support SMEs to enable them strengthen Nigeria’s economy and improve domestic production capacity.
He noted that women entrepreneurs remained central to SMEs operations and required stronger institutional support.
He urged government agencies and international institutions to improve information access on available business support programmes.(NAN)(www.nannews.ng)
Edited by Francis Onyeukwu
