CBN SUPPORTS SMES, HOUSEHOLDS WITH N253B

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Godwin Emefiele, CBN Governor

In support of the Federal Government’s initiative on cushioning the effect of COVID-19 on Nigerians, the Central Bank of Nigeria (CBN) has paid out N253b as bailout fund to Small and Medium Enterprises (SMEs) and households affected by COVID – 19 pandemic.

Disclosing this at the Bank’s 42nd Kaduna International Trade Fair, CBN Acting Director of Corporate Communications, Osita Nwanisobi, said 470,969 households and 77,376 Small and Medium Enterprises (SMEs) benefited from it.

Mr. Osita further stated that more than 3,107,949 small–scale farmers were assisted from the Anchor Borrowers’ Programme (ABP), and in order to inspire more participation in the process, CBN has simplified its interest rate from 9% to 5% and created an N150b Targeted Credit Facility (TCF) vial NIRSAL Microfinance Bank.

Encouraging various beneficiary groups to participate in the CBN program, Osita said: “We enjoin Nigerians, particularly women and youths, to key into our intervention programmes and take advantage of schemes, such as ABP, Targeted Credit Facility (TCF), Commodity Development Initiative (CDI), Creative Industry Financing Initiative (CIFI), Micro Small and Medium Enterprises Development Facility (MSMEDF) and Agric-business/Small and Medium Enterprises Investment Scheme (AGSMEIS)”.

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