At the opening ceremony of a workshop for judicial officers on Secured Transactions in Moveable Assets (STMA) Financing Law in Nigeria, Emefiele also disclosed that 85 per cent of the Nigerian workforce is engaged by SMEs. “Support for MSMEs financing is more critical now than ever, given the need to boost Nigeria’s long-term growth trajectory since exiting recession in the second quarter of 2017. “Poor access to finance, the high cost of borrowing, inadequate infrastructure, non-conducive business environment, and weak capacity are some of the stylized challenges constraining MSME growth in Nigeria. “Among these factors, access to affordable and sustainable finance has been identified in the development space as the most constraining. “MSMEs are typically deemed risk-laden, plagued with the high mortality rate, and often lacking adequate collaterals acceptable for conventional credit.

Source: Nigerian Tribune February 11, 2019 17:03 UTC