‘Nigeria needs to embrace supply chain financing to unlock opportunities for MSMEs’

Fiducia Service Limited CEO Imohimi Aig-Imoukhuede discusses the growth opportunities for Micro, Small and Medium Enterprises (MSMEs) in the factoring and supply chain financing industry. He explains that access to capital is a severe limitation for many SMEs and Fiducia aims to solve this puzzle by providing business solutions and enabling access to capital. The major hurdles for the business include market development and attracting the right financial partners. Fiducia prioritizes security and has chosen a robust solution with proven military-grade security capabilities for its marketplace platform. The company aims to change the supply chain financing landscape by introducing a more efficient and streamlined process.

Source: Link

Frequently Asked Questions         Q: What is the focus of the article titled 'Nigeria needs to embrace supply chain financing to unlock opportunities for MSMEs' by Guardian Nigeria?        A: The article focuses on the importance of supply chain financing in Nigeria to provide opportunities for Micro, Small, and Medium Enterprises (MSMEs) to grow and thrive.      Q: Where can I find strategies to optimize MSME-centered supply chain finance solutions?        A: Strategies to optimize MSME-centered supply chain finance solutions can be found in a report from Accion.org titled "Strategies to optimize MSME-centered supply chain finance solutions: A study of Ghana, Ethiopia, and Nigeria."      Q: What organization provides research, data, and advocacy for SME finance activities?        A: The World Bank's SME Finance division provides research, data, and advocacy for SME finance activities. They also offer policy work and advisory services to support SME finance.      Q: How can supply chain financing enhance Nigeria's diversification plan?        A: Supply chain financing can enhance Nigeria's diversification plan by providing opportunities for Nigerian MSMEs to access funding and grow within the supply chain. This was estimated by the International Finance Corporation (IFC) to account for more than half of the economic opportunity in supply chain financing in Nigeria.      Q: What is the relevance of supply chain financing to MSMEs globally?        A: Supply chain financing is relevant to MSMEs globally as it provides them with funding opportunities and support within the supply chain. This helps MSMEs grow, create jobs, and contribute to the economy. The United Nations recognizes the importance of MSMEs and supports resilient supply chains for their growth.      Q: How does supply chain financing contribute to MSME finance in Nigeria?        A: Supply chain financing plays a crucial role in MSME finance in Nigeria, according to the International Finance Corporation's Supply Chain Finance Market Assessment Nigeria report. It highlights the significant opportunity for MSMEs in supply chain financing, accounting for a substantial portion of the market.