CBN to Launch N200 Billion MSME Fund

Governor, Central Bank of Nigeria, Mr. Lamido Sanusi

The Central Bank of Nigeria has said a N200bn Micro Small and Medium Enterprise Fund will be inaugurated on Thursday.

The fund, which targets women entrepreneurs for 60 per cent intervention, has credit, insurance, capacity building and interest draw back elements.

The bank also unveiled plans to introduce financial literacy in the school curriculum.

The Governor, CBN, Mr. Lamido Sanusi, stated these in his remarks at the 2013 Students for Advancement of Global Entrepreneurship World Cup Awards and Dinners.

Sanusi was represented at the occasion by the Director, Development Finance Department, CBN, Mr. Paul Eluhaiwe.

The SAGE is a global, non-profit organisation aimed at advancing youth entrepreneurship and community service around the world, and emphasising ethical business practices, social responsibility, civic engagement and environmental awareness.

The SAGE World Cup is an international entrepreneurship competition where secondary schools students around the world showcase their innovative business and community service projects to a panel of judges.

Sanusi said the CBN had also established six Entrepreneurial Development Centres across the country to encourage and build the capacities of business-minded youths.

He said, “Through the EDCs, we equip them with requisite entrepreneurial skills to develop their concepts into businesses and effectively manage such businesses. Our financial inclusion strategy also provided for youth empowerment and access to financial services.

“This is because we see the link between entrepreneurship access to financial services. Towards this, the bank is launching its MSMEs Fund on August 15, 2013.”

The governor stressed the need for investment in youth entrepreneurial capacity in the country, adding that “investment in youths’ entrepreneurial capacity as future leaders of national economies is not only desirable but must be pursued with vigour.”

Sanusi said the CBN would make the SAGE Team one of its financial literary champions.

The governor said the central bank was committed to collaborating and supporting initiatives such as SAGE’s, which developed next generation of entrepreneurial leaders in order to resolve the unmet needs of the global community.

“We understand the critical nature and needs of this important segment of our community and have developed targeted policies to enhance their access to finance, while also evolving programmes aimed at strengthening their capacities to develop their enterprising ideas into virile and flourishing businesses,” Sanusi said.