Why MSMEs need stimulus package to survive – Fasanya

Taking cognisance of the negative effect of the COVID-19 pandemic and the ongoing Russia/Ukraine war, the Director General of the Small and Medium Enterprises Development Agency (SMEDAN) Mr Olawale Fasanya has advocated stimulus packages for micro, small and medium enterprises at all levels of government.

Mr Fasanya stated this on Monday during the MSME Day celebration in Abuja with the theme “Resilience and rebuilding MSMEs for sustainable development,”

According to the DG, MSMEs are the hardest hit by multiple shocks from the COVID-19 pandemic and the current Russia/Ukraine War, which has cut global supplies in many ways.

Considering these challenges, the DG believes that “As a matter of necessity, MSMEs should be protected and given stimulus packages to be more resilient to future shocks and these stimulus packages should be targeted at those heavily affected by disruptions of the global supply chain in different sectors of the Nigerian economy”.

He added that “Policymakers should consider other ways to reduce/eliminate challenges faced by MSMEs and improve the business environment as well as access to finance across all tiers of government”.

Speaking further, Fasanya said through programmes like the conditional grant scheme and matching fund initiative among others, SMEDAN is boosting the growth of MSMEs to improve economic sustainability.