According to the Central Bank of Nigeria (CBN), it is dedicated to launching programs and policies that will help SMEs in Nigeria.
This was said on Thursday at the CBN’s special day at the 17th Abuja International Trade Fair by Mr. Osita Nwanisobi, director of corporate communications.
Nwanisobi claimed that the CBN had over the years started interventions intended to improve the fortunes of SMEs. He was represented by Samuel Okogbue, the Acting Director, Corporate Communications.
He mentions the Micro, Small and Medium Enterprises Development Fund and the SMEs Credit Guarantee Scheme (SMECGS) (MSMEDF).
“There are also the Youth Enterprises Development Programme and the Agribusiness/Small and Medium Enterprises Scheme (AGSMEIS). Similarly, the CBN initiated Entrepreneurship Development Centres (EDCs), National Collateral Registry (NCR), the Creative Industry Financing Initiative (CIFI), the Targeted Credit Facility (TCF), and the Nigerian Youth Investment Fund (NYIF),” he said.
Another of these programs was the Tertiary Institutions Entrepreneurship Scheme (TIES), which he listed.
The apex bank, he noted, had also made efforts to develop export markets, notably for non-oil commodities.
“The CBN, in collaboration with the Bankers’ Committee, in February, initiated the RT200 FX Programme aimed at boosting earnings of stable and sustainable inflows of foreign exchange.Our records show that the initiative has started yielding the expected result. Importers and exporters have been taking advantage of the incentive of N65 for every one dollar repatriated and sold at the I&E window. They also get N35 for every dollar repatriated for own use on eligible transactions,” he said.
The Director said that the Real Sector Support Facility had approved the transfer of N66.99 billion to 12 new manufacturing and agricultural projects (RSSF).
He said that a total of N2.10 trillion has been distributed to 426 projects nationwide as part of the RSSF. The total amount disbursed under the 100 for 100 Policy on Production and Productivity (PPP) to 62 projects has now reached N93.39 billion, he said.
