Heritage bank advocates increased support for msmes
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Heritage Bank Advocates Increased Support for MSMEs
Heritage Bank, a leading Nigerian bank, has called for increased support for Micro, Small, and Medium-Scale Enterprises (MSMEs) to boost economic growth and development in the country. The bank made this call at a recent event, highlighting the importance of MSMEs in driving economic growth and job creation.
Why MSMEs are crucial
According to the bank, MSMEs play a vital role in the economy, accounting for over 90% of businesses in Nigeria and employing over 80% of the workforce. They are also responsible for driving innovation, creating jobs, and contributing to GDP growth.
Challenges faced by MSMEs
However, MSMEs in Nigeria face numerous challenges, including limited access to funding, inadequate infrastructure, and regulatory hurdles. These challenges hinder their ability to grow and expand, leading to a lack of competitiveness and limited job creation.
Need for increased support
Heritage Bank is advocating for increased support for MSMEs to address these challenges and unlock their potential. The bank is calling for:
- Access to funding: MSMEs need access to affordable and sustainable funding to grow and expand their businesses.
- Infrastructure development: Improved infrastructure, such as roads, power, and water, is essential for MSMEs to operate efficiently.
- Simplification of regulations: Regulatory hurdles should be simplified to reduce the burden on MSMEs and encourage entrepreneurship.
- Capacity building: MSMEs need training and capacity building to improve their skills and competitiveness.
Conclusion
Heritage Bank's call for increased support for MSMEs is timely and necessary. By addressing the challenges faced by MSMEs, the bank believes that Nigeria can achieve economic growth, job creation, and sustainable development.