Ease of Doing Business: Anambra Introduces Low Interest Loans for MSMEs

The State Commissioner for Industry, Trade and Investment, Mr Christian Udechukwu, has urged Anambra citizens to take advantage of the low interest loans initiated by the government to support Micro, Small and Medium Enterprises (MSMEs) in the state.

He said this during the Anambra State Chapter of the National Association of Small and Medium Enterprises (NASME) maiden summit held in Awka.

The Summit with the theme “Enhancing the Growth of Small Businesses for Job and Wealth Creation” had business leaders, government officials, and industry experts discuss strategies for advancing the SME sector in the state.

Udechukwu said the initiative was in line with present administration of governor Chukwuma Charles Soludo’s vision of making Anambra a prosperous homeland in Nigeria.

Udechukwu, who disclosed the interest rates as a single digit, said that the mandate of the ministry was to enhance businesses for jobs and wealth creation.

According to him, “in the ministry under my watch, we have funds that we have made available to micro, small, medium and large enterprises.

“For micro businesses, you can apply from zero to N10 million. It is funded by the Anambra State government and the Bank of Industry,” he said.

He explained that to access more than N10 million loan, the business owner had to register with the Corporate Affairs Commission (CAC) and also own assets.

The commissioner emphasised the need for small business owners in the state to register with the Small and Medium Enterprises Development Agency (SMEDAN) and Nigerian Association of Small and Medium Enterprises (NASME).

He said the measure would enable them access the various low interest loans available in the state.

He noted that the government of governor Soludo was building structures that would promote the non-oil sector through small scale businesses and agriculture.

 

Comprehensive Vision

The commissioner also announced that on November 14, 2024, the state will unveil a comprehensive vision for industrial development, setting a promising tone for Anambra’s business future.

In the same Vein, Ms. Chinwe Okoli, the Special Adviser to the Governor on Innovation and Business Incubation, and Lead of the Solution Innovation District, in her address, spoke on Leveraging Digital Tools for Business Profitability and Global Visibility.

She emphasised the critical role of digital transformation in business success, noting that as technology reshapes the global economy, businesses must adapt.

“The time has passed when people only come to your shop to buy or patronise you. Leveraging digital tools can help your business gain visibility, reach a wider audience, increase profitability, and stand out in today’s competitive market.”

Highlighting the Solution Innovation District’s initiatives, she encouraged participants to take advantage of the free digital skills training provided by Solution Innovation District.

She also shared details about the highly anticipated maiden technology innovation event, Anambra Innovation Week (#AIW2024), scheduled for November 25-29, 2024.

“This event will feature a Tradenovation Fair for SMEs, masterclasses, workshops, and the #Battle4Solutions competition, where innovative SMEs stand a chance to win substantial prizes,” she hinted.

Ms. Okoli urged all SMEs to register and participate in this inaugural event to advance their businesses.

Meanwhile, Mr. Chinemerem Oguegbe, Chairman of NASME Anambra State Chapter and host, earlier in his opening remarks, emphasised the significance of the gathering.

“This summit provides Anambra’s MSME ecosystem with a unique opportunity for stakeholders, industry experts, and government agencies to discuss issues impacting the sector.

“According to the National Bureau of Statistics, MSMEs contribute over 90% of Nigeria’s businesses. Our goal is to create a collaborative environment where insights are shared, and entrepreneurs leave empowered to scale their businesses,” he stated.

Mr. Oguegbe further acknowledged Governor Soludo’s unwavering support for MSME growth in Anambra, expressing gratitude for the administration’s initiatives that foster economic resilience and entrepreneurship.

He reassured attendees that NASME Anambra is committed to being a trusted partner on the entrepreneurial journey, working closely with technical partners toq ensure continuous support and resources for the business community.

Dr. Okpa the CEO of Denca Group of Companies (DGC)Express, while delivering her speech as one of the summit’s keynote speakers, shared her company’s journey and shed light on the essentials of export business.

She emphasised that meeting international standards in quality and capacity is crucial for export success.

“At DGC Express, we aim to be end-to-end export partners, and I believe Anambra has the potential to excel on a global stage if we prioritize quality and capacity,” she remarked, urging local businesses to scale up production quality.

The CAC representative underscored the importance of business registration, explaining its advantages and the different levels of registration available.

“Registering your business opens doors to opportunities, security, and credibility. It is a foundational step for any serious entrepreneur,” he noted, “encouraging participants to formalise their businesses to unlock growth potential,” he stated.

 

“A New Era”

In conclusion, the NASME Chairman noted that NASME Anambra Business Summit signals a new chapter for the state’s MSMEs, showcasing how policy, innovation, and local talent can converge to shape a dynamic business environment.

“The event’s success lays a solid foundation for future collaborations and underlines Anambra’s potential to become a leading hub for entrepreneurial excellence in Nigeria. With government and private sector support, local businesses are now better positioned to compete, expand, and contribute significantly to the state’s economic growth.

“The Unique insights into the growth and challenges of the MSME sector, will reinforce the importance of a united effort to support Anambra entrepreneurs by showcasing MSME Strength through Policy and Innovation.

The general overview at the summit was that Anambra’s MSME ecosystem is poised for transformation, driven by strategic policies, partnerships, and the resilience of its entrepreneurial community. The summit’s discussions and outcomes promise to bolster Anambra’s vision of sustainable, inclusive development that empowers its people and strengthens the local economy.

The event ended with an exhibition showcasing the innovative products and services of local businesses, marking a significant step toward empowering Anambra’s SME sector.