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‘SMEs Need Funding To Narrow Productivity Gap’



Leadership Nigeria News Today

The Association of Micro Entrepreneurs of Nigeria (AMEN) president, Saviour Iche, has said that small businesses were not making significant changes to boost production.

He disclosed in Lagos that lack of access to funds has impacted on entrepreneurs’ ability to improve. He called on the government to prevail on banks to reduce the cost of running business by providing affordable loans to businesses.

He said in the last six months, small business owners had been finding it costly to raise new finance, describing new credit as unaffordable with high interest rates, besides banks’ reluctance to respond to applications.

While small businesses were ready to scale up, he lamented that lack of funds had been taking a huge toll on their productivity.