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CBi with Action Aid and LCCI to Unveil a MSME Web-based Solution for Ethical Compliance

Business Regulations, Law & Practice	939 VIEWS
Business Regulations, Law & Practice
939 VIEWS

Friday, November 22, 2019 / 03:00PM / CBi Nigeria / Header Image Credit: CBi Nigeria

The MSME sector is the backbone of major developed economies as well as important contributors to employment, economic and export growth. In Nigeria, MSMEs contribute 48% of national GDP, account for 96% of the private sector and 84% of national employment.

Despite the significant contribution of MSMEs to the Nigerian economy, challenges persist that hinder the growth and development of the sector. According to World bank estimates, as of 2012, only 5 percent of SMEs have a loan, despite the fact that 80 percent of them seek financing. Furthermore, financing constraints seems to depend on the size of the firm. An estimated 59 percent of small firms report difficulties in accessing finance compared to 35 percent of medium firms and 11 percent of large SME firms. The major reasons for this level of exclusion can be summarized into concerns regarding their internal controls and concerns around their ethics and anti-corruption compliance.

It is on this backdrop, that the Convention on Business Integrity (CBi) and in collaboration with Action Aid and Lagos Chamber of Commerce and Industry (LCCI) invites you to the unveiling of a unique solution to these problems in form of a portal that prepares MSMEs to meet COSO 2013 standards on internal controls and to establish certifiable anti-bribery, anti-corruption standards (ABAC).

This event will expound the benefits and provide access to the portal to users, whilst serving as an opportunity to listen to the position of banks and other key stakeholders on how to leverage this for MSME growth and survival.