A total of N160billion has so far been disbursed by the Central Bank of Nigeria, CBN, to support the growth of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
This includes the N100billion doled out already to MSMEs, and another N60 billion are in the various stages of disbursement targeted at specifically enterprises in the agriculture and manufacturing sectors.
CBN Governor, Godwin Emefiele, last weekend at the annual Bankers’ Dinner, organised by Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
He said that the apex bank recognizes that the greatest challenge confronting the MSMEs and local farmers is access to credit, and to unlock the growth potential, they must access funding seamlessly.
Emefiele stated: “Our efforts at supporting small scale farmers and SMEs is based on our awareness of the critical role they can play in supporting our economic recovery and growth,as well as in creating jobs for millions of Nigerians.
“So far, CBN has,through its MSME fund, disbursed over N100 billion to the MSME sector, but we still feel a lot can be done. Under the auspices of the Bankers Committee, the sum of over N60 billion has so far been set aside under the AGSMIES Fund to fund MSMEs in the Agriculture and Manufacturing sectors of our economy.
“CBN recognizes that the greatest challenge confronting the MSMES and local farmers is access to credit, and that to unlock the growth potentials in our country ; this group must access funding seamlessly. In response to this challenge, CBN will in due course take action that will directly bring banking services to the rural communities through licensing of a national Microfinance Bank to be located in all local governments in Nigeria, through which credit can be channelled to our rural communities. We will continue to explore ways, in partnering with the fiscal authorities, on how we can best provide farmers and SMEs with the support they need to expand their operations.”