CBN supports MSMEs across the country with N477.78 billion

With the aim of supporting MSMEs across the country, the CBN disbursed N134.57 billion to Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and for the Targeted Credit Facility (TCF), the sum of N343.21 billion.

This was disclosed in the “CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO. 138 OF THE 281ST MONETARY POLICY COMMITTEE MEETING” which was held on Thursday, 16th and Friday, 17th, September 2021.

The Committee assessed the effectiveness of the apex bank’s measures in maintaining output growth and mitigating the risks of additional external and internal shocks to the economy. Manufacturing, agriculture, energy/infrastructure, and Micro, Small, and Medium Enterprises remained the focus of interventions (MSMEs).

What the CBN said

The apex bank highlighted its support to the MSMEs and also the real Real Sector.

The CBN said, “To support MSMEs across the country, the Bank disbursed N134.57 billion to 38,140 beneficiaries under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), and for the Targeted Credit Facility (TCF), the sum of N343.21 billion has been released to 726,198 beneficiaries, comprising 602,730 households and 123,468 Small and Medium Enterprises.

“Under the Real Sector Facility, the Bank released the sum of N1.00 trillion to 269 real sector projects, of which 140 are in light manufacturing, 71 in agro-based industry, 47 in services and 11 in mining. Under the Healthcare Sector Intervention Facility (HSIF), N103.02 billion has been disbursed for 110 healthcare projects, of which 27 are pharmaceutical, 77 hospitals and 6 other healthcare service projects. The Bank has also disbursed a total of N145.99 billion under its Non-Oil Export Stimulation Facility (NESF). The CBN has revised the guidelines, working with Nigerian Export-Import Bank to improve access to the intervention and stimulate non-oil export growth in Nigeria.”

What you should know

The CBN in the past has made many efforts to boost access to credit for Micro, Small and Medium Enterprises (MSMEs). Last month, the apex bank developed guidelines for the regulation and supervision of credit guarantee companies in Nigeria.

The guideline would serve as a regulatory foundation for credit guarantee firms seeking to minimize credit risk, promote lower interest rates on loans, and complement other regulatory measures targeted at promoting MSMEs.

The CBN, through NIRSAL Microfinance Bank, has reopened its portal for Micro, Small and Medium Enterprises (SMEs) and households affected by COVID-19 to access up to N25 million.

Ubah Jeremiah Ifeanyi

Nairametrics

Read more: https://nairametrics.com/2021/09/20/cbn-supports-msmes-across-the-country-with-n477-78-billion/