MSME Body Partner BOI, Ready To Launch 5-year Strategic Plan


By Goodluck Ikiebe.


Mrs Rose Gyar



The Micro, Small, and Medium Enterprises (MSME) Business Membership Organizations (FOMSBON) is set to launch a five (5) year 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 Gyar, paid a courtesy visit to Bank of Industry Headquarters in Abuja, with a view to solicit collaboration and support for the official inauguration of the platform and launch of a 5-year strategic plan aimed at creating an approximately 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 by sector, location, gender and size of investments.

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

According to her, 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, the Director General of GLOCHEED, 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 Tolusawe, appreciated the visit and informed the team that BOI was open to collaboration towards ensuring that MSMEs and indeed the Nigerian Industries are kept running which is one of their major mandates.

Tolulope went further to emphasize 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.