[Abuja]–The Minister of finance, Mrs. Kemi Adeosun has disclosed that there is a need to adjust the country’s Infrastructures for businesses to thrive, adding that Nigeria businesses are not competitive.
The minister, who made this statement during a live broadcast on Facebook, included that the federal government is working on addressing this “barrier” holding country’s business environment back.
“We are trying to change the paradigm and make Nigeria business competitive and create jobs.” She said
While comparing the Nigeria business environment to that of foreign countries,the minister said the country’s business environment lacks the needed infrastructures like power, water, and internet accessibility for businesses to thrive.
On Ease of Doing Business, the minister said that the initiative by the ministry of Trade and Industry was established to reduce the stress associated with business registration with the Corporate Affairs Commission (CAC) and other registration with other government agencies, adding that “Nigeria products are not good as competitive because of these barriers.”
On the recently licensed Development Bank of Nigeria (DBN), the minister disclosed that the DBN was established to make fund accessibility easy for SMEs, adding that the SMEs contribute 45% to Nigeria economy.
She explained that the DBN will make loan available for Micro Finance Banks, who in turn make it available for SMEs.
“The DBN as a wholesale bank will lend qualified micro-finance banks fund. They will then lend it to SMEs at an approved rate.
” This will bring down the cost of funding to SMEs. It will also make the condition for accessing the funds easier for SMEs.” She said.
The live broadcast by the ministry of finance, which was first of its kinds, featured questions and answers sessions with the Presidency Media Crew.Please Follow Us @ThePageNg