Practitioners Call For Review of SME Policies

Blessing Nwobodo-

Owing to the unclear definition of small businesses in the areas of SME categorization which is stifling start-ups, the Programme and Strategy Director of the Institute of Entrepreneurs Nigeria (IOE), Adedayo Dare, has called on CBN, NDIC and SMEDAN to jointly review government policies on SMEs
According to him, start-ups find it extremely hard to sustain their business because they have been grouped wrongly. In his words “the same policies which applies to a business with a capital base of 5 million naira is the same thing that goes for a business with capital base of 250 thousand naira. This equally means that I will be charged the same interest with the man who has a capital base of 5 million naira.” 
He therefore advised that there should be a special profile of interest to start-ups and small scale business that are under 5 years.