CBN Releases N220 Billion to MSMEs To Ease Hardship !

Aware of the current tough economic condition in the country, the Central Bank of Nigeria (CBN), has made available N220 billion funds for Micro Small and Medium Enterprises (MSMEs) a programme extended to reduce hardship of Nigerians and the current economic recession.

This was stated by the CBN’s Acting Director, Corporate Communications, Isaac Okoroafor at a fair organised for small and medium scale enterprises, artisan, farmers, banks, hairdressers, barbers, shoemakers and other business groups in Enugu.

Okoroafor said that the N220 billion funds made available for Micro Small and Medium Enterprises (MSMEs) could be easily accessed, which 60 per cent of the funds were meant for women and women-owned enterprises.

According to him, the CBN also has the Commercial Agric Credit Scheme (CACS) for larger commercial farmers.

He said: “If you are a serving corps member and you want to get into business, you can get as much as N3 million to start as an entrepreneur. What happens is that you are not required to provide any collateral because we discovered that collateral is the problem. Your degree or HND certificate will serve, as your collateral because we know it is an asset in which you have made investment. So, just surrender it, and that is all.”

“Look at rice for instance, 28 out of 36 states can produce rice, so, we have launched a programme called Anchor Borrowers Programme. It is not only on rice but also on tomatoes, palm produce and other farm produce.”