The Federal Government has appointed the Managing Director and Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, to the Technical Implementation Committee of the National Council on Micro, Small and Medium Enterprises (MSMEs).
The council, which was inaugurated last week Thursday by President Goodluck Jonathan was charged with the task of developing a value chain intervention strategy for SMEs in the country and to solve the difficulties being encountered by small businesses in their effort to source finance.
The National Council on MSMEs is chaired by the Vice President, Namadi Sambo while the Technical Implementation Committee of the Council is chaired by the Minister of Industry, Trade and Investments, Dr. Olusegun Aganga.
Okonkwo’s appointment is a testament to Fidelity Bank’s role in the SMEs space, which aligns with the Federal Government’s goal of ensuring rapid economic development using the SMEs as the catalyst. Fidelity Bank recognises the role of the SMEs as the engine room of the econom against which it set up the Fidelity Managed SME Division to empower and build a new generation of Nigerian entreprenuers.
The bank said its role in the MSME space include access to business wisdom and advisory services to enable small businesses move to the next level by providing them with knowledge on proper record keeping, staffing and appropriate technology.
Fidelity Bank also offers MSMEs access to markets via the shared platform to enable them sell their products and services as well as access to funding by providing specialised funding agencies. Another winning strategy the bank employs in serving MSMEs is the cluster lending approach within which Fidelity’s offering addresses the peculiarity of the business environment where such businesses operate.
The Central Bank of Nigeria (CBN) recently set aside N220 billion development fund for Micro, Small and Medium Enterprises to provide support for the development of the real sector of the economy. Of the total fund, about 60 per cent or N132 billion would be set aside for women-owned enterprises.
