FOMSBON partners BOI, set to launch 5-year strategic plan

The Micro, Small, and Medium Enterprises (MSME) Business Membership Organizations (FOMSBON) are set to launch a five (5) years strategic plan in collaboration with the Bank of Industry and other stakeholders.

The resolution was reached after the Board of Trustees of the Forum for Micro, Small and Medium Enterprises (MSME) Business Membership Organizations (FOMSBON),
led by Mrs. Rose D. S. Gyar, paid a courtesy visit to Bank of Industry Headquarters at Abuja in a bid to solicit collaboration and support for the official inauguration of the platform and launch of a 5-year strategic plan aimed at creating an approximated 2.5m jobs annually by MSMEs, establishing an institutional structure to support sustainable availability of long term affordable business finance for MSMEs, and create a credible data bank of MSMEs disaggregated by sector, location, gender, size of investments, needs, and others.

In a welcome address by the team lead, Mrs. Rose D. S. Gyar of the
Forum for Micro, Small, and Medium Enterprises (MSME) Business Membership Organizations (FOMSBON), superficially gave an insight into the organization.

According to her, she said, the forum is a registered platform of MSME operators’ groups across gender, economic sectors, and social status to promote coordinated evidence-based advocacy on cross-cutting issues within the MSME space, for structured engagement with stakeholders in both public and private sectors.

Gyar, during the visit, requested for a sustainable working relationship with the bank to engender seamless growth within the MSME space while also engendering competitiveness in the Products, Systems, and Processes of MSMEs.

Earlier, she disclosed that FOMSBON is ready to work with other stakeholders to ensure that there is a sustained supply of products, goods, and services from MSMEs for trade leveraging on AFCFTA and AGOA initiatives.

Reacting to the submission of the FOMSBON, the representative of the bank, Mr. Tolulope D. Tolusawe appreciated the visit and informed the team that BOI was open to collaborations towards ensuring that MSMEs and indeed the Nigerian Industries are kept running which is one of their major mandates.

Tolulope went further emphasizing that the Bank of Industry manages investment funds and therefore it should be clear that guidelines for operations must be followed and adhered to.

Similarly, he added that it is necessary to continue the conversation with the view to understanding the needs of the MSMEs and workings of BOI to streamline areas of challenges, pointing out that the team would have to meet with other higher-level officers of the bank to continue the discussions.

About Yakubu Shendam

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