The Lagos State chapter of the Nigerian Association of Small Scale Industrialists (NASSI) has called for the need for its members to adopt the National Pension Commission (PENCOM) policy in their business operations as a way of enhancing their commercial activities in the nation.
The association made the call on Wednesday at a Special August edition of its monthly meeting held at the Women Development Centre, Agege, Laogos.
The August meeting was specifically held with an aim to sensitize stakeholders on the need for the PENCOM policy in their businesses.
Speaking at the meeting, Mr. Segun Tayo Kuti-George, Chairman of NASSI, who made the development known to our correspondent in an exclusive chat, also hinted that the association was in talks with the Lagos state government to make credit facilities available to its members.
He said NASSI was negotiating for a lower interest percentage rate with the state government, so as to make the facility a business friendly aid to the entrepreneurs.
The NASSI chairman however admonished his members to agree with realities associated with acquisition of loans in the country.
Kuti-George said, “To be candid, there is no free loan. Whatever amount of loan you acquire, you must surely pay in interest on it.
The amount of loan you acquire will attract the interest you will pay.
So, stop borrowing an amount that is more than what you can afford to pay its interest.
“If it is just N2 million that you need for your business, simply borrow that amount and stop eyeing N6 million that will demand more interest payment from you.”
While urging entrepreneurs to shun the dollar and start spending the naira as a way of giving value to the nation’s currency, the NASSI chairman also condemned the continuous patronage of foreign products by Nigerians, which, according to him, had led to a complete neglect of the country’s local contents.
Citing Mark Zuckerberg as an instance, the NASSI leader urged Nigerian youths to start thinking of profitable ventures they can embark on and stop getting themselves involved in unnecessary frivolities.
“Stop using latest expensive mobile phones that you purchase with funds that are well enough capitals to start a profitable small scale business,” Kuti-George advices Nigerian youths.
The event was attended by a sizeable number of both prospective and existing SME operators in the country. Also present at the event were representatives of the Laos state PENCOM officials, among others.