CBN earmarks N220 bn for micro businesses

The Central Bank of Nigeria (CBN) says it has earmarked N220 billion for the development of micro, small and medium enterprises in the 36 states of Nigeria and the FCT.

The Sokoto State branch Controller of the bank, Mohammed Idris, disclosed this in Sokoto state on Thursday at a sensitisation workshop on the Micro, Small and Medium Enterprises Development Fund.

He said that each of the 36 states of the federation and FCT would get N2 billion under the fund.

“The fund has the broad objective of channeling long term, low interest funds to MSME institutions and Participating Financial Institutions (PFIs).

“The specific objective is to reach over two million MSMEs over a 10 year period while 60 per cent of the fund is targeted at women entrepreneurs,” he explained.

Idris further said that state governments were important stakeholders due to their closeness to the grass roots.

According to him, in operating the fund, special consideration will be given to institutions that will provide financial services to graduates of the CBN Entrepreneurship Development Centres.

“CBN believes that developing the MSMEs is the key to economic advancement and wealth creation,” Idris added.

Governor AliyuWamakko of Sokoto state, who spoke through the Commissioner for Commerce, Aliyu Achida, commended the Federal Government for introducing the fund.

Wamakko said that the state government had made adequate arrangements to enable the state to secure its share of N2 billion.

“We will effectively partner with CBN to ensure the success of the fund,” he added.

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