by Kingseyi Mon Jul 30, 2018 8:42 pmThe Central Bank of Nigeria, CBN has said that
out of the N220 billion Micro, Small and Medium
Enterprises Development, MSMED, Fund
available, about N50 billion is still available for
easy access.
Governor, Central Bank of Nigeria (CBN),
Mr Godwin Emefiele
The Senior Manager, Development Finance
Department of CBN, Mr Chinedu Zephaniah, who
spoke at a workshop organised by Bankers
Committee on Funding Nigeria’s SMEs, said CBN
has about N3 trillion earmarked for economic
development, out of which N220 billion is
targeted at SMEs.
He stated: “At the moment, we have disbursed
N170 billion to support SMEs, but the
percentage of people that pay back their loans at
the appropriate time is not encouraging.”
Zephaniah said when people pay back as at
when due, it will avail others the opportunity to
access the fund.
“To access the intervention fund of the CBN all
you need to do is to convince your bank that
when you take you will pay back,” he added.
Corroborating this view, Head of Business
Banking in Standard Charter Bank, Mr. Benjamin
Dike said: “As SMEs, if you collect money to
create wealth and you refund the money as at
when due, the confidence of lending institutions
will be high and there will be tangible growth.”
out of the N220 billion Micro, Small and Medium
Enterprises Development, MSMED, Fund
available, about N50 billion is still available for
easy access.
Governor, Central Bank of Nigeria (CBN),
Mr Godwin Emefiele
The Senior Manager, Development Finance
Department of CBN, Mr Chinedu Zephaniah, who
spoke at a workshop organised by Bankers
Committee on Funding Nigeria’s SMEs, said CBN
has about N3 trillion earmarked for economic
development, out of which N220 billion is
targeted at SMEs.
He stated: “At the moment, we have disbursed
N170 billion to support SMEs, but the
percentage of people that pay back their loans at
the appropriate time is not encouraging.”
Zephaniah said when people pay back as at
when due, it will avail others the opportunity to
access the fund.
“To access the intervention fund of the CBN all
you need to do is to convince your bank that
when you take you will pay back,” he added.
Corroborating this view, Head of Business
Banking in Standard Charter Bank, Mr. Benjamin
Dike said: “As SMEs, if you collect money to
create wealth and you refund the money as at
when due, the confidence of lending institutions
will be high and there will be tangible growth.”
