Dr Abdulrashid Yerima, President of NASME, made the call during a panel discussion at the ongoing 2025 MSME Forum on Tuesday in Abuja.
Yerima said that the practice of disbursing intervention funds as one-off measures was not sufficient to address the long-term challenges faced by MSMEs, especially in a volatile economic environment.
“What we are advocating for is a revolving fund mechanism. Intervention funds should not be one-time disbursements.
“They should be structured in a way that ensures continuity, so that when one group benefits and repays, another group can also access the same opportunity,” he said.
Yerima said that government intervention through the Bank of Industry (BOI) and other platforms had positively impacted businesses in the past.
He, however, said that there was the need to scale up and sustain such efforts through long-term planning.
The NASME president also called for a national MSME financing framework that aligned with Nigeria’s industrial, trade, and youth employment strategies.
He said that donor funds and public resources should be leveraged to de-risk private capital, allowing blended finance models that could attract more private sector participation in MSME funding.
According to him, the newly established Credit Guarantee Company is a welcome development and comes at a critical time for small businesses.
“The credit guarantee scheme is essential, especially as MSMEs are considered high-risk by conventional lenders.
“We believe that with appropriate support, these businesses can thrive and repay loans, making the fund sustainable,” he said.
He also urged financial institutions such as BOI and the Credit Corp to simplify their loan requirements and ensure that MSMEs were adequately prepared to access available financial products.
Yerima emphasised the need for targeted support to critical sectors like agriculture, manufacturing, logistics, and services, stressing the interconnectedness of these industries in building a resilient economy.
He called on the government to subsidise and capitalise MSME funds, ensure low interest rates around three per cent, and invest in capacity building to improve loan repayment and business sustainability.
On regional cooperation, Yerima advocated for the development of cross-border financing tools to support MSME trade across Africa under the African Continental Free Trade Area (AfCFTA).
“We are engaging with other SME associations across ECOWAS and beyond to ensure that African MSMEs are not left behind in the drive for regional integration and trade,” he said.
The Executive Director of Operations at Credicorp, Mrs Nike Kolawale, reiterated the importance of collaboration between state-level MSME leaders and Credicorp to drive grassroots engagement.
Kolawale said that Credicorp was working to establish a robust national credit rating and verification infrastructure to support small businesses and ensure transparency in credit administration.
“There will be a central credit system for the entire country. It will take time, but we are determined to get there,” she said.
Mr Peter Shivute, Executive Director for MSME Development and Export Promotion, Namibia Investment and Development Board, said that unity among African economies would ensure real progress in trade and development.
Shivute reflected on historical and political ties between African countries, citing past collaborations between Namibia and Nigeria as a foundation for stronger economic integration today.
“If we do not leverage ourselves together, just like these three institutions on this stage are committing to work together, we will not get anywhere,” he said.
Shivute highlighted Namibia’s natural advantages in solar energy and emerging industries such as hydrogen.
He emphasised the need for regional economies to pool resources and industrialise strategically.
He called for smarter trade policies under the African Continental Free Trade Area (AfCFTA), including the development of local manufacturing hubs to process imported components and reduce overreliance on foreign markets.
“We must build 50 per cent of the components locally, create jobs, and still export under the trade frameworks.
“Those products are coming anyway it is up to us whether we produce them or not,” he stated.
Shivute also urged the continent to adopt modern technologies in traditional sectors like agriculture and finance, adding that Nigeria remained a model for digital innovation in Africa.
“The promise of AfCFTA is real, but it needs aggressive execution.
“The bureaucracy will always be there, but unless we are bold about our goals, we will not get results,” he said.
Mrs Ogo Akabogu, Divisional Head of North Central, BOI also expressed the banks commitment to the growth of the sector.
