The Central Bank of Nigeria (CBN) has approved the release of second tranche of N1 billion for disbursement to Small and Medium Enterprises (SMEs) in Niger State.
Commissioner of Investment, Commerce and Cooperatives, Alhaji Mudi Muhammad, said more than 1000 women and youths across the state are to benefit from the fund. He noted that the first tranche of N1 billion was disbursed to the state in March.
Muhammad recalled that CBN had set aside N200 billion to encourage Small Scale Entrepreneurs especially women and youths to access loan facilities to support their businesses with N2 billion allocated to each state in two tranches.
The State’s Director General, Small and Medium Enterprises and Micro-Finance, Alhaji Umar Audu, said the federal government through the intervention intended to encourage 500 businessmen and women within five years across the country. He said prospective beneficiaries from the state were selected after a tour of all the 25 local government areas.
Audu noted that small business owners are expected to access loan to the tune of between N600, 000 to N5 million with three years repayment period, adding that the physically challenged were not left out of the programme having accessed N32 million from N40 million earmarked for them.