From Adanna Nnamani, Abuja
The Federal government, Thursday, said it would be setting up a special bank to cater for the financial needs of Micro, Small and Medium Enterprises (MSMES).
Chaiman, Board of Trustee of the Forum of MSME Business Membership Organization, (MSMEForum), Dr Olajide Akinyemi made this known  at the official inauguration of the Forum in Abuja.
Akinyemi regretted that the MSME sector have not received the level of attention it requires from the government, adding that the Forum which has mapped out a five years development plan,  would serve as a voice of the needy to move the sector forward.
According to him, “For example, in this sector of the economy, we are about 40 million and they are wallowing in abject poverty. We have failed to understand their importance to the economy and the  policy of the government, as good and robust as it is, the impact are not felt. Why? Because they fail to come together and talk with one voice. So the five year strategic plan, we want to work with a plan that in every local government, down to the grassroots, they will be recognized. The policy of the government too, will be influenced, because they will now talk with one voice.
“Your problem, My problem will be known to them. And like the SEC director has said, we are establishing MSME bank.  Because when you are talking about funding it is a very, very big problem for that sector. One, they lack management acumen and the majority of them are operating at that level.
So if we have our own bank, we know where the shoe is pinching and we know how to regulate  funding for growth and development of MSME In Nigeria. So the five year development plan, will address all those factors.