The Ogun State government has reaffirmed its commitment to strengthening collaboration with the State chapter of the National Association of Microfinance Banks (NAMB) to enhance access to finance for Micro, Small and Medium Enterprises (MSMEs) as well as promote financial inclusion across the State.
Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela made this known in Ijebu-Ode while delivering the keynote address at the NAMB Management Retreat themed, “From Resilience to Excellence: Expanding Access, Enhancing Impact” organised in celebration of the association’s 20th anniversary.
Represented by the Director, Industrial Promotions in the Ministry, Mr. Olufemi Adeboye, the Commissioner said the government was willing to partner the association on joint-implementation of MSMEs financing schemes, financial literacy campaign, credit guarantee and risk sharing, cluster-based financing schemes among others.
“The path to economic transformation is collaborative. No institution thrives in isolation. The Ogun State Government is open to strengthening partnerships with NAMB,” the Commissioner disclosed.
Sofela added that with the positioning of Ogun State as Nigeria’s foremost Industrial hub by the Prince Dapo Abiodun led administration, the successes recorded on industrialisation are strengthened by a vibrant MSME sector which thrives through access to finance.
He noted that as, “economic enablers, poverty reducers, job creators, and social stabilizers”, Microfinance banks were central to the actualisation of the ISEYA Agenda in the State.
The Commissioner who commended the NAMB and Microfinance Banks for their resilience called on the lenders to increase access to funds and move away from transactional funding to transformational financing.
Earlier in his address, Chairman, NAMB, Ogun State Chapter, Mr. Bayonle Sulaimon said the retreat which is in commemoration of the association’s 20th anniversary was organised to equip participants on strengthening financial inclusion efforts and enhancing their impact on customers.
He affirmed that members of the association remain committed to going beyond loan disbursement by providing value-driven support that positively influences the growth and sustainability of businesses.
Also speaking, a participant at the retreat, Mr. Adeniyi Adeosun said the retreat is timely due to prevailing economic challenges across the country stressing that the partnership interest of the State government if implemented could help improve businesses especially those in the non-financial sector improve.
