Would you like to receive notifications on latest updates of the following headlines?

NACCIMA Advocates Strengthening of SME Cooperatives

POSTED ON August 23, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
NACCIMA Logo

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye, has advocated the strengthening of cooperative societies to enhance the capacity of Small and Medium Enterprises in the country. 

Oye stated that cooperative societies require policies to boost their ability to unlock capital for SMEs, as they face persistent challenges in accessing affordable and sustainable funding, which has hindered their growth and contribution to the economy. 

The NACCIMA president noted that traditional financial institutions often imposed prohibitive interest rates and stringent lending criteria, making it difficult for SMEs to secure the necessary funding to scale up and thrive.

Oye highlighted how cooperative societies in Ogun State and Lagos State had been addressing the financing challenges faced by small and medium-sized enterprises. 

He recommended engagements with policymakers to create a supportive regulatory environment for cooperatives, including advocating for tax incentives, legal protections, and simplified registration processes.

He also called for organising training programmes and workshops focused on financial management, business planning, and governance for cooperative members, and conducting awareness campaigns to educate SMEs about the benefits of joining cooperative societies.

"Awareness campaigns should be launched to educate SMEs about the benefits of joining cooperative societies and how they can access funding through these organisations," Oye suggested.

He encouraged stronger partnerships between states, citing the Ogun-Lagos Joint Development Commission as a model for how inter-state collaboration could create a more supportive environment for cooperatives and SMEs.

Oye recommended that the Federal and State Governments invest in research to identify innovative cooperative models and adapt them to the Nigerian context, ensuring they address the unique needs of local SMEs.

According to the Executive Secretary/CEO of the National Cooperative Financing Agency of Nigeria, Mr. Emmanuel Atama, as of April 2023, the country has more than 30 million members in cooperative societies across its 36 states and the FCT.

READ ALSO
Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara June 30, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...

READ ALSO
Nigeria's Public Debt Reaches N149.39 Trillion, Marking 22.8% Annual Increase
BY Abiodun Saheed Omodara June 28, 2025 0

As of March 31, 2025, Nigeria's total public debt reached N149.39 trillion, showing an annual increa...

READ ALSO
Dangote Decries Inconsistent Policies, Poor Power Supply as Barriers to Africa’s Industrial Growth
BY Abiodun Saheed Omodara June 27, 2025 0

Africa’s foremost industrialist and President of Dangote Industries Limited (DIL), Alhaji Alik...

READ ALSO
Transition of Tax Collection to NRS Announced, New VAT Sharing Begins January 1, 2026
BY Abiodun Saheed Omodara June 27, 2025 0

President Bola Tinubu signed four tax reform bills into law on Thursday, indicating Nigeria's commit...

READ ALSO
Afreximbank Advocates for Innovative Financing Structures in South–South Trade
BY Abiodun Saheed Omodara June 26, 2025 0

The President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedi...

READ ALSO
Tinubu Signs Four Tax Reform Bills to Transform Nigeria's Fiscal Framework
BY Abiodun Saheed Omodara June 26, 2025 0

ABUJA, Nigeria - President Bola Tinubu has enacted four tax reform bills that focus on crucial aspec...

READ ALSO
Tinubu to Sign Four Tax Reform Bills into Law Thursday
BY Abiodun Saheed Omodara June 26, 2025 0

President Bola Tinubu is set to sign four pivotal tax reform bills designed to revamp Nigeria's fisc...

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

OUR CHANNELS:

Reclaiming Gaddafi’s Pan-African Dream: Why His Vision Still Matters
BY Suleiman Jimoh July 2, 2025 0

Few remember that Muammar Gaddafi once dared to imagine an Africa unchained from foreign dictate. He...


Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara July 1, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...


Dangote Slash Petrol Price to N840 per Litre Amid Market Adjustments
BY Abiodun Saheed Omodara July 2, 2025 0

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit, commonly refe...


NEC Reinstates Anyanwu as PDP National Secretary Amid Internal Conflicts
BY Abiodun Saheed Omodara July 1, 2025 0

The 100th meeting of the National Executive Committee (NEC) of the People’s Democratic Party (...


APC Schedules NEC Meeting for July 24 Amid Leadership Changes
BY Abiodun Saheed Omodara July 1, 2025 0

ABUJA, Nigeria - The All Progressives Congress (APC) has scheduled its National Executive Committee...


PDP: Tensions Rise Ahead of 100th NEC Meeting Amid Factional Disputes
BY Abiodun Saheed Omodara July 1, 2025 0

As tensions escalate within the People’s Democratic Party regarding the National Secretary pos...


Sokoto,Kebbi PDP Ready to Join Coalition Against APC in 2027
BY Abiodun Saheed Omodara July 1, 2025 0

The state branches of the People’s Democratic Party (PDP) in Sokoto and Kebbi have expressed t...


UNIUYO Medical Lecturers Begin Indefinite Strike over VC appointment
BY Abiodun Saheed Omodara June 30, 2025 0

Medical lecturers at the University of Uyo, affiliated with the Medical and Dental Consultants Assoc...


Nigeria and Saint Lucia Unite for Mutual Growth
BY Abiodun Saheed Omodara July 1, 2025 0

President Bola Tinubu and Prime Minister Philip J. Pierre agreed on Sunday to establish formal diplo...


Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara July 2, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...


More Articles

Load more...

Menu