Apex bank repositioning Nigerian economy through SMEs

The Central Bank of Nigeria (CBN) has
expressed its commitment to the repositioning of the economy on the path
of growth through the support of small businesses.

 

The Governor of CBN, Mr Godwin Emefiele,
said in Abuja that the bank had 15 intervention programmes to support
Small Medium Enterprises (SMEs) in the agribusiness sector which could
be accessed by any Small Medium Enterprises.

 

Emefiele, who was represented by the CBN
Spokesman, Mr Isaac Okorafor, made this known in Abuja at the CBN
Special Day at the 13th Abuja International Trade Fair.

 

The theme for this year’s fair is “Enhancing SMEs in Agribusiness through Innovative Technology’’.

 

 “Let me make bold to say
that perhaps more than any other institution in the country, the CBN has
demonstrated a passionate commitment to the support of SMEs.

 

“Notably amongst these are the
Agricultural Credit Guarantee Scheme fund, US$654 million; Commercial
Agricultural Credit Scheme, US$654 million; and the US$980 million power
and airline intervention fund.

 

“Similarly, there is the Youth
Entrepreneurship Development Programme, Nigeria Electricity Market
Stabilisation Facility, Export Rediscounting and Refinancing Facility,
Export Stimulation facility and Paddy Aggregation Scheme
amongst others,” he said.

 

Emefiele reiterated the bank’s commitment
to continually reel out proactive policies and schemes to ensure that
the Nigerian economy remained strong and sufficient through non-oil
exports.

 

He advised people to open and service
accounts with any commercial or micro finance banks, which he said was
the only way they could access intervention funds from the bank and
expand their businesses.

 

He underscored that the new Polaris bank, which took over Skye bank, was duly registered and safe to do business with.

 

Meanwhile, the President, Abuja Chamber
of Commerce and Industry (ABUCCIMA), Mr Adetokunbo Kayode, urged the
Federal Government to continue the pursuit of diversifying the economy
from a mono-economy, dependent on oil to other
sectors, especially Agribusiness.

 

“We recognise with great appreciation the genuine efforts of the present administration to improving the economy.

 

“CBN is now more than ever committed to the regulation, preservation and stabilisation of the integrity of our currency.

 

“In the area of Development Finance, it
has ensured the supply of finance to various sectors of the economy in a
holistic manner, making development improve at a faster rate,” he said.

 

Kayode also commended the CBN, saying
that the apex bank had succeeded in ridding the economy of sharp
practices by some financial institutions operating in the country.