. 54 per cent of nominal gdp. a recent survey by ifc and mckinsey ( 2010 ) suggests that 80 per cent of these msmes are excluded from the financial markets. the state of msmes in the country underscores the importance of this conference. suffice it to say that between 2003 and 2012, commercial bank loans to small scale enterprises dropped at an exponential rate. analysis of the annual trend in the share of commercial bank credit to small - scale industries indicates a decline from about 7. 5 per cent in 2003 to less than 1 % in 2006 and a further decline in 2012 to 0. 14 per cent. 5. a number of reasons have been proffered for this financing gap. the banks readily attribute their risk aversion stance for not lending to msmes to demand - side constraints, which include the lack of managerial capacity, inadequate collateral, and poor record keeping, amongst others. however, there also exist supply - side issues such as high transaction costs and lack of understanding by the banks of the nature and operations of msmes other constraints plaguing the msme sub - sector in nigeria include infrastructure deficit ( especially, power and transport ), bis central bankers ’ speeches policy inconsistencies, bureaucracy, multiple taxation and levies, weak intellectual property protection and contract enforcement, and insecurity. 6. your excellencies, distinguished ladies and gentlemen, we must therefore commit ourselves to the formulation and implementation of policies to strengthen the msme sub - sector. the cbn on its own part has been working assiduously towards developing a robust regulatory and supervisory framework and initiatives for improved access to finance for the sub - sector. some of these are the revised microfinance policy, regulatory and supervisory framework ; certification programme for mfbs ; designated non - financial businesses and professionals ( dnfbp ) ; competency framework ; payment system transformation ; development of a moveable collateral registry ; and the financial ombudsman bill currently before the national assembly. to further de - risk and encourage lending to the msme sub - sector, the cbn has also intervened with a number of initiatives such as the power and airlines intervention fund ( paif ) to help address the constraints of electricity ; small and medium enterprises credit guarantee scheme ( smecgs ) ; sme refinancing and restructuring facility ( rrf ) ; youth empowerment programme ( entrepreneurship development centres ( edcs ) and nysc venture prize competition ), financial inclusion strategy and tier

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