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Support MSMEs govt, CBN told

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By Johnmark Ukoko, Lagos

The managing director chief/ executive officer of Emuhmena Technology Engr. Usiwo Irenus

Emuh has accused the federal government of not encouraging the country’s Micro,

Small and Medium Enterprises (MSMEs) in the area of cheap funds provision.

Emuh, in an interview with our correspondent over the weekend, alleged that only the promoters

of MSMEs with connections enjoyed such government interventions programmes.

The Emuhmena boss, whose firm is located in Ellu, Isoko North local government area of Delta

state and Agbowa in Ikosi, Ejiren LCDA of Lagos state, equally berated the Central Bank of

Nigeria (CBN) for favouring only firms whose owners were known to it in the provisions of the

long-term low interest rate.

“I don’t know if the federal government and the CBN are assisting the country’s MSMEs with

cheap funds. I have not benefitted from such facilities. I don’t know those MSMEs firms

benefitting from the various interventions programme of the government. I took credit facilities

from the local Micro Finance Bank (MFBs) and you know their high interest rate. I took loans

from MFBs to import my machines from China with the current exchange rate you know what

that means,” he stressed.

The CEO said his firm has eight workers who work from 7am to 7pm, adding that the cost of

power supply was another major headache he has had to contend with.

He lamented that he took credit facilities from MFBs before his firm even started operations,

adding that such arrangement was very risky for his firm but had to do it as moneybags were not

ready to invest in start-up MSMEs.

“The moneybags are reluctant to invest in MSMEs just starting. They want to see how serious the

promoters of such firms are before they are ready to commit their hard-earned funds into such

firms. I appeal to the federal government and the CBN to assist the country’s MSMEs into

manufacturing and productions because of the employment opportunities they offer,” he pleaded.

The mechanical engineer businessman promised that, with better funding, he could hire many

youths and produced quality foodstuffs for Nigerians.

He opined that he spent huge amounts to register his product with the National Agency for food

and Drugs Administration and Control (NAFDAC) before the product was licensed to be sold in

the supermarkets and shops across Nigeria.

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