The Central Bank of
CBN governor Mr
Emefiele said President
He said the fund will be applied toward supporting the financing needs of the people at the lower level of the pyramid. "And I believe that if properly applied it will lead to transformation and economic development of
"The important thing is that we are going to ensure that the fund gets to the beneficiaries without impediments and wherever we find any impediment on the way we will remove it," he added.
The apex bank governor said the MSMEs have been proved the world over as engine for the growth of economies, boosting production, generating income, and reducing poverty. "Despite these recognitions, the SMEs in
"The SMEs loan will be disbursed through commercial banks, micro finance banks and finance houses while the state governments will be able to access up to N2 billion each to enable beneficiaries who participated in their various initiatives to benefit."
According to Emefiele, 50 per cent of the total loan is dedicated to women and that CBN will undertake regular check on the efficiency of the fund application.
Speaking at the ceremony, Akwa Ibom State governor, Mr
He congratulated the CBN governor on his appointment and promised to apply the fund to the real beneficiaries.
According to him, one of the easiest ways of providing job opportunities in his state is the ongoing school feeding project which provides good and delicious meal to over 300,000 school children and at the same time providing jobs to thousands of youths in the state.
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