CBN Urges MSMEs To Take Advantage of The N220 billion Fund

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has beckoned on micro, small and medium scale enterprises (MSMEs) to take advantage of the N220 billion it had made available to  expand their businesses.

Central Bank Consultant and Managing Director, Kajaura International Consult Limited, Dr. Yakub Abdalla made this known in Gombe yesterday.  He said farmers, artisans, market men/women and any entrepreneur, financially excluded or under-served are entitled to benefit from the fund. He said the fund was also meant to trigger job creation for the private non-formal sector, adding that lending would be only members of cooperatives societies.

According to him, qualified Microfinance banks could also participate by borrowing for on- lending to others, adding that the central bank also serves as the vehicle for monitoring and evaluation of the funds.

Abdalla said: “The CBN Governor recently expressed concern that more than 90 per cent of Nigerians are yet to hear about the fund. There is therefore need for proper sensitisation of the fund – people need to understand that the fund is available to qualified Nigerian entrepreneurs and that there is an easy way to access the fund.”

The consultant therefore urged all Nigerians to as a matter of urgency forward their applications, assuring that CBN would receive and process them. He also called on Gombe state government to help get the information to the attention of all its MSMEs, especially in the rural areas. He said loan under the fund was very affordable, just as method of repayment is negotiable.

 

[Thisday]

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