CBN Laments Non-accessibility of fund for Edo SMEs

The Governor of Central Bank, Sanusi Lamido Sanusi, has lamented the failure of the Small and Medium Enterprises in Edo to access the N220 billion intervention fund floated by government.

Sanusi expressed his concern at the Government House in Benin on Friday when he paid a condolence visit on Edo Government on the death of wife of Oba of Benin, Esther Erediauwa.

He said that the high interest rate on the loan prevented enterprises from accessing the loans, noting that high interest loan was not a way of alleviating poverty.

He said that there were 30 microfinance banks across the country mandated to grant the loans to the SMEs at low interest rates.

The CBN governor said that the fund was targeted at the most excluded segment of the society, adding that 60 per cent of it was dedicated to women.

Sanusi, who also condoled with Gov. Adam Oshiomhole on the death of his wife, said that he had a close relationship with the palace and treasured the memories of the queen mother.

Responding, Oshiomhole thanked the CBN governor for the visit, adding that the death of the queen mother was painful.

The governor described the late queen as a mother who showed interest in the development of the state.

He also commended the CBN boss for repositioning banks in the country in the interest of the masses.

Oshiomhole said that poverty in the country was as a result of wrong policies, adding that there was the need for deliberate laws to address the menace.

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