Entrepreneurs get N100bn MSME funds says Emefiele

BARBARA BAKO, Abuja.

Over N100 billion Micro, Small and Medium Enterprises (MSME) fund has been disbursed to the operators in the sector. Governor, Central Bank of Nigeria, Mr. Godwin Emefiele has said.

Emefiele speaking at the 2018 Annual Bankers’ Dinner in Lagos said the apex bank said this parts of its efforts to ensure self-sufficiency to reduce Nigeria’s excessive dependence on imports.

He stated the apex bank has maintained a particular focus on supporting farmers, entrepreneurs as well as SMEs businesses through the CBN various intervention programs such as the Anchor Borrowers Program, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and the National Collateral Registry.

He said that the CBN recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than 9 per cent to new projects in the Agric and Manufacturing sectors; aimed at boosting output and creating jobs. In the agriculture sector, he explained that the Anchor Borrower Programme (ABP) has ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighboring countries.

He siad “In the agriculture sector, the Anchor Borrower Programme (ABP) has ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighboring countries.

“As at October 2018, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, have so far benefited from the Anchor Borrowers programme, which has generated 2,502,675 jobs across the country.

“It is in light of the success of the Anchor Borrowers Program with regards to cultivation of rice and maize that the Monetary Policy Committee in its last meeting on the 21st of November 2018 recommended that the Anchor Borrowers program be applied to other areas such as palm oil, tomatoes and fisheries to mention a few.

“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 job opportunities for millions of Nigerians.

“So far, the CBN has through its MSME fund disbursed over N100Billion 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 Micro Small and Medium enterprise businesses in the Agriculture and Manufacturing sectors of our economy.”