By Chijioke Churuba
Many small and medium sized enterprises (SMEs) in Nigeria are currently struggling because of the COVID-19 pandemic and the devaluation of the local currency. As a result, many are facing credit related issues and do not have access to cushioning and non-encumbering funds, which could bail them out.
In addition, they are generally facing other difficulties such as: multiple levies from different collecting authorities, predictory taxes, poor infrastructures, low business patronage, and by their nature, are also plagued with structural and capacity constraints.
Currently, they are battling with, the new prices of petroleum products and electricity tariff and other stifling conditions and as a result, many of them are desperately looking for help.
But they are not looking for politically motivated, ephemeral palliatives or empty policy pronouncements. They also do not need the usual wishy-washy ubiquitous capacity building programs or some haphazard reliefs or concessions.
They need more. They need genuine, practical and coordinated policy interventions, at the different State levels – interventions, which would have the capacity to pool and harmonise the required resources and policy ideas and solutions together, in ways, which are implementable, subject to progressive assessments and with a long-term focus.
Also, they need policy interventions whose contents have been enriched and fecundated through the constructive engagements and in partnerships with key financial institutions, Chambers of Commerce and Industry, representatives of some relevant private sector organizations and other critical stakeholders, for the achievement of the desired policy outcomes.
Such interventions are urgently needed and would assist small and medium sized enterprises to navigate through this crucial period!