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CBN, Bankers’ Committee To Disburse N26bn To Agribusiness

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The president of National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Iyalode Alaba Lawson has disclosed that the Central Bank of Nigeria is in the process of disbursing N26 billion to support agribusiness entrepreneurs.
Disclosing this yesterday at the opening ceremony of the 13th Abuja international trade fair in Abuja which is themed “Enhancing SMEs in Agribusiness through innovative technology,’’ she said the federal ministry of agriculture and rural development and Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) are making provision to provide opportunities for MSMEs to access funds.

The FCT minister, Alhaji Muhammad Musa Bello in his remarks called on the chamber to concentrate on being an enabler to agriculture entrepreneurs through enhancing of packaging, standards, certification and accreditation. According to him, some of the challenges with the Nigerian market is packaging to meet the international standards. He urged that there should be a collaboration and synergy between manufacturers of these products and packaging corporations to avoid Nigerian products being re-packaged in other countries and sold as theirs.
On his part, the president of Abuja chamber of commerce and industry (ACCI), Prince Kayode Adetokunbo said government has a duty to provide a clear and distinct policy for the growth and development of SMEs in Nigeria. “We ask that government support the SMEDAN to develop clear policies for development, growth, funding structure, fiscal, taxation and incentives for SMEs in Nigeria. This will be the road map for development.

“Of all, the most serious is the issue of uncoordinated and disjointed multiple taxation in SMEs ranging from corporate tax, stamp duties, property tax, tenement rate, infrastructure charges, environmental charges among others. While businesses must pay for municipal charges, it must be done in a way that does not as it is currently happening hurt and stall the growth of SMEs and their profitability,” he said.
He also urged the federal government to consider a special funding vehicle for SMEs through the organised private sector.

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