Nigeria's central bank mobilises €1.9bn for SMEs in Kebbi

Sep 27, 2013

The Central Bank of Nigeria (CBN) has earmarked N420 billion (€1.9 billion) as Credit Guarantee Scheme to support small and medium-sized enterprises (SMEs) in the Kebbi region, the Secretary of the Nigerian Association of Small Scale Industries (NASSI) has revealed.

The Central Bank of Nigeria (CBN) has earmarked N420 billion (€1.9 billion) as Credit Guarantee Scheme to support small and medium-sized enterprises (SMEs) in the Kebbi region,
the Secretary of the Nigerian Association of Small Scale Industries (NASSI) has revealed.

Alhaji Sama'ila Kangiwa said that the bank would collaborate with the Kebbi state government to disburse the fund and put in place a programme to promote agriculture and other agro-allied ventures to meet the needs of SMEs, Vanguard reports.

He urged members of the NASSI and entrepreneurs to use these funds to develop their commercial and micro-finance projects.

The Permanent Secretary in the Ministry of Commerce and Industries, Alhaji Abdullahi Gebe, said this was part of
the
government’s efforts to improve industrial development in the Kebbi state.

This announcement follows the launch by the CBN at the beginning of September of a new N220 billion (€1 billion) fund dedicated to SMEs.

According to the institution, the fund is designed to enhance SMEs' access to finance by providing wholesale financing windows for participating financial institutions.

In 2012, Nigeria had about 17.6 million SMEs employing about 32.4 million people, and contributing about 46.54 per cent of nominal GDP, according to figures from the CBN.ADNFCR-2976-ID-801642816-ADNFCR