Home Business CBN to Disburse N26 Billion SMEs Agric Funds Before 2017 End

CBN to Disburse N26 Billion SMEs Agric Funds Before 2017 End

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By Akin Akinremi in Lagos

The Bankers Committee of the Central Bank of Nigeria (CBN) at the end of its meeting on Thursday October 5, 2017 disclosed that the disbursement of N26 billion special fund set up for Small and Medium Enterprises (SME) particularly in the Agricultural sector will commence before the end of 2017.

The special fund is a 5 percent equity contribution from the profit after tax of the commercial banks in Nigeria.

Addressing financial journalists in Lagos, the Managing Director of Unity Bank Plc, Mrs. Oluwatomi Somefun, noted that the framework for the fund has been developed and finalized.

She added that CBN had created a special export intervention fund, which, according to her, would generate more foreign exchange to the country, which would equally be beneficial to the SMEs.

“This will be closely monitored and we expect a lot of our SMEs to benefit from this scheme. The issue we have in the past is the failure of some exporters to repatriate the foreign exchange generated, and the CBN has agreed with the Bankers Committee to sanction defaulting exporters,” she stressed.

Managing Director of Union Bank of Nigeria Plc Emeka Emuwa commented on the collateral registry, which is targeted at the small and medium enterprises, so they can be able to access loans from banks even as Nigeria exists recession.

He advised Nigerian to be very vigilant as the year comes to an end because a lot of Ponzi scheme will be out to deceive people with unrealistic returns.

Kayode Akinkungbe, Managing Director of FBN Merchant Bank, said the committee commended the CBN on the success in the foreign exchange market.

For the CBN Director Banking Supervision, Ahmed Abdullahi, said the committee also discussed the fragile growth of 0.55 percent that the economy recorded in the second quarter.

 

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