Entrepreneur bemoans banks’ inability to support SMEs

By Princewill Ekwujuru

AN entrepreneur and jewellery designer, Mrs. Talatu Olulana, has lamented the inability or unwillingness of financial institutions in Nigeria to help Small and Medium Enterprises, SMEs, grow.

Olulana, who is the Chief Executive Officer of Rare Gem Limited, stated this at a press briefing to unveil its multimillion Naira shop in Lagos. She asserted that banks are not helping SMEs.“The multiplier effect of what the SMEs are doing, creating job opportunities are enough for banks and government to support SMEs. If banks help SMEs, the sector would do more for the country and its Gross Domestic Product, GDP, will rise.‘‘I am advising Central Bank of Nigeria, CBN, to create a separate foreign currency distribution chain for SMEs. There should be a data bank of entrepreneurs in Nigeria for proper monitoring of allocated foreign exchange, forex. This would enable them to understand that we are not using the forex for shady deals. When this happens, unemployment would reduce,” she stated.

Speaking of opportunities in the jewellery industry, she stated: “The potential we have in the jewellery industry cannot be over emphasised. The huge potentials are here in Nigeria. The main metal that is used in making durable jewellery is steel and Nigeria has the highest grade of stainless steel. Look at the Ajaokuta steel and rest of them, Nigeria has the finest steel but unfortunately, these steel products are being exported at lower value but if we can harness them, and begin to manufacture here, it would spell out good for Nigeria and create employment opportunity.

‘Another challenge in manufacturing is power. Our counterparts abroad are ready to partner with us by bringing equipment which would lower the cost. But so far, we have not been able to do that because of the challenge of power as the overhead cost alone is huge.”

 

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