Meanwhile, VP Osinbajo has also directed the Corporate Affairs Commission to extend by three months, the special window for MSMEs to register businesses at 50 per cent discount.
Osinbajo gave the directive today at the first quarter MSMEs stakeholder meeting held at the Presidential Villa, encouraged by the successes recorded when the policy first came into force last year.
The special business name registration window of 50% discount was granted by the Federal Government through the Corporate Affairs Commission to help to bring as many MSMEs to formalise their businesses.
The Vice President also directed the Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) to speedily harmonise issues relating to overlapping responsibilities for product registration.
In the same vein, Prof. Osinbajo directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country.
“Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs. We need to address this issue as quickly as possible,” he said.
He said relevant agencies of government must ensure that loan beneficiaries were equipped with the necessary skills and knowledge to better manage their businesses.
Prof. Osinbajo urged regulators in the MSMEs sector to leverage technology to help build capacity for owners of small enterprises as well as broaden the impact of their interventions.
Source: daily post ng