By Patricia Amogu
The Japan International Cooperation Agency (JICA) has urged Nigeria to undertake focused industrial insurance policies and strengthen assist for small and medium-sized enterprises (SMEs) to drive financial development, job creation and productiveness.
Mr Ishigame Keiji, JICA Chief Representative in Nigeria, made the decision on Wednesday in Abuja on the company’s fifth JICA Chair Roundtable Discussion and Special Lecture, which examined classes from Japan’s SME growth expertise.
Keiji stated strengthening the SME ecosystem would create alternatives for entrepreneurs, enhance productiveness and promote inclusive financial development.
“Strengthening the SME ecosystem is essential for creating opportunities for entrepreneurs, improving productivity and supporting inclusive economic growth. Nigeria and Japan have built a strong partnership over many years,” he stated.
The visitor lecturer, Prof. Funabashi Gaku of the International University of Japan, stated focused industrial insurance policies had contributed to the success of SME growth in Japan and different Asian nations.
He stated governments wanted to establish precedence sectors and supply tailor-made assist relatively than unfold assets throughout too many industries.
Funabashi cited the equipment, car and electronics industries as examples of sectors that benefited from centered authorities assist in Japan.
He suggested Nigeria to adapt the rules behind Japan’s expertise to its native context relatively than replicate its insurance policies wholesale.
“Nigeria doesn’t have to have the same mindset as Japanese; you have to consider the characteristics of the Nigerian people and how you can combine that with principles like productivity improvement and incremental process innovation,” he stated.
On entry to finance, Mr Pacqueens Irabor, Divisional Head, MSME South-South, Bank of Industry (BOI), stated Nigerian banks continued to depend on collateral due to considerations about implementing monetary self-discipline.
He urged the Central Bank of Nigeria to make sure broader enforcement of the Global Standing Instruction (GSI) mechanism for companies, not solely people.
The consultant of the Development Bank of Nigeria (DBN), Ms Busola Falade, stated the financial institution’s mandate centered on bettering entry to finance, sharing dangers to assist micro, small and medium-sized enterprises (MSMEs), and offering technical help.
Falade stated DBN had established Impact Credit Guarantee to assist risk-sharing and was creating innovation hubs in Kaduna, Kwara and the South-East to supply MSMEs with mentorship and expertise assist.
The roundtable introduced collectively authorities businesses, monetary establishments, enterprise associations and growth companions to debate methods to strengthen assist for Nigerian enterprises. (NAN)
Edited by Tosin Kolade
