The Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam has sought financial support for Small and Medium Scale Enterprises (SMEs) in Nigeria through the provision of small grants and adequate credit financing to make them more viable and sustainable especially given the nation’s quest for economic diversification in the face of dwindling oil revenue.
Mbam made this call weekend in Lagos after his induction as a Fellow of the Institute of Credit Administration (FICA) following his election into the apex body of credit administration in Nigeria.
He also notes that SMEs were responsible for the economic success stories of Asian Tigers like Singapore, Malaysia, Thailand, Indonesia and successful economies in South America adding that they were a potent tool for empowering the citizenry through employment generation, poverty eradication and income generation.
The RMAFC Chairman also called on the Institute of Credit administration to partner regulators and other financial institutions to promote global best practices in credit administration and management with a view to making credit financing easily accessible and affordable to small and medium enterprises which are the engine room of economic growth and development.
Mr. Mbam expressed optimism that his election into the Institute of Credit Administration would spur him to do more in ensuring fiscal governance, transparency and accountability in the operations and management of the nation’s financial resources for sustainable development adding that no nation records economic growth without efficient and effective credit administration and management.
Speaking earlier at the induction ceremony held weekend at Ikoyi, Lagos, the Registrar and Chief Executive Officer of the Institute, Dr. Chris Onalo explained that the election of Mr. Mbam as a fellow of the prestigious Institute by the Governing Council was in recognition of his immense contribution to the nation’s political economy in his capacity as a former Minister of State, Finance and his present position as Chairman Revenue Mobilization Allocation and Fiscal Commission.
He adds that the fellowship considered one of the highest honours in the field of corporate governance is usually conferred on Chief Executive Officers heading credit, financial and accounting portfolios in Ministries, Departments and Agencies as well as the Organized Private Sector.
