EMPOWERING ANAMBRA: UNLOCKING CREDIT OPPORTUNITIES FOR SMEs

By Chiamaka Edokwe :

The Anambra State Action on Business Enabling Reforms (SABER) Committee, in collaboration with the Anambra State Investment Promotion and Protection Agency (ANSIPPA) and the Anambra State Small Business Agency (ASBA), recently hosted a significant event aimed at enhancing credit opportunities for small and medium enterprises (SMEs) in Anambra State. Held on October 15, 2024, at the International Conference Centre, the event drew over 150 SME representatives, underscoring the state’s commitment to creating a conducive business environment.

Governor Chukwuma Soludo, represented by Hon. Udechukwu Christian, the Commissioner for Industry, announced that Anambra has been nationally recognized as the best SME-friendly state in the Southeast and ranks first for Ease of Doing Business (EODB) in southern Nigeria.

Christian emphasized the government’s financial commitment, noting that funds have already been disbursed to over 4,500 entrepreneurs through ASBA and the Ministry of Industry. “This event aims to raise public awareness about available funding and inform the business community about our infrastructural initiatives to support SME growth,” he stated.

He elaborated on plans for an industrial city that will serve as a hub for micro, small, and medium enterprises (MSMEs) as well as larger industries, fostering an environment of innovation and excellence. “Our goal is to maintain Anambra’s legacy as a leading trade and industrial center in Africa and beyond.”

Mark Okoye, Managing Director of ANSIPPA and Chairman of the SABER Committee, discussed the collaborative efforts among various government bodies to improve the ease of doing business in the state. He noted the establishment of the State Action Plan on Enabling Business Environment Committee, which brings together diverse agencies to enhance information flow between the public and private sectors. This session aimed to equip SMEs with a deeper understanding of available opportunities and the mindset shifts needed to access funding.

Clement Chukwuka, MD/CEO of ASBA, recalled that in 2019, Anambra was recognized as the best MSME state in Nigeria, underscoring the agency’s commitment to supporting small businesses and showcasing Anambra’s proactive approach to fostering a strong entrepreneurial ecosystem.

The panel discussion included representatives from SMEDAN, the Bank of Industry, Africa’s Global Bank (UBA), and the Nigeria Stock Exchange Group (NGX), who explored strategies to increase access to finance, enhance financial literacy, foster public-private partnerships, improve the regulatory framework, create risk mitigation strategies, and promote inclusive financing. Okoye reiterated that while the government serves as an enabler, it cannot finance every enterprise but rather facilitates connections and raises awareness to help businesses thrive.

Additionally, a virtual session was conducted on October 17, 2024, to further engage SMEs that were unable to attend the in-person event, ensuring broader access to information and resources. This event not only showcased the state’s achievements but also set the stage for continued growth and support for SMEs in the region by addressing challenges and expanding credit opportunities.