The CBN governor,
He said a joint report by the
The governor said the CBN initiated the funds as an innovative way of improving access to finances at single digit interest rates by MSMEs in order to unlock their potentials and unleash them for growth.
He said the state governments would be able to access up to N2 billion each for on-lending to eligible beneficiaries through participating financial institutions in their states.
He also said 60 per cent of the funds would be given to women, who often turn out better yields than their men counterparts.
According to him, the CBN would be committing considerable human and material resources to monitoring the disbursement and utilisation of the funds in a robust and verifiable manner.
"Participating financial institutions will be required to submit periodic returns on disbursement as well as analysis of the social impact of these funds on our people", he said.
He implored the state governors to assist the CBN to achieve its goals by ensuring that the funds were deployed in an efficient manner to beneficiaries.
Akwa Ibom State governor,
He urged the CBN to review the procedures involved in the disbursement of the fund to enable it get to the targeted population without difficulties.
Oyo State Governor, Abiola Ajimobi, on his part urged the CBN to carry out needs assessment of the states to establish their real needs, adding that the number of MSMEs varied from state to state.
Mr. Ajimobi said there was need to disburse the funds according to the size and needs of the MSMEs in various states of the federation.
The governor stated that if about 50 million youths in the country were involved in economic activities, the country's earning would be increased.
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