The Vice President Professor Yemi Osibajo says the National Council on Small and medium Enterprises is fully committed to repositioning the country for better efficiency.
The Vice President made this know in a message to the opening of the Abuja international Trade fair in the FCT.
The Abuja international trade fair began 13years ago with the aim of playing critical role within the organised private sector and to promote industry to foster diversification of the economy.
The Vice president represented by the Minister of state for industry trade and investment Ambassor Maryam Katagum said the council has come up with four key reforms to improve the SMEs sector.
The president Abuja chamber of commerce and industry Prince Adetokunbo Kayode says the system of funding mechanism for SMEs is defective.
Prince Kayode said government has over 21 intervention funds with billions of naira committed but with very minimum impact in terms of quantum and quality.
He said to address the challenge, Government should consider and also agree to a special funding vehicle for SMEs through the open private sector.
He explained that it would be proper for the federal government to embark on finance leasing which provides for direct procurement of capital equipment.
The President, National association of Chambers of Commerce and industry, Mines and Agriculture, NACCIMA, Hajia Saratu Aliyu called for more effective way to finance SMEs in the country.
The theme for this year’s fair is Remodeling SMEs financing: options and solutions.