CBN Governor
CBN Governor

About sixty percent women in the country are to benefit from the N220 billion loan scheme rolled by the Central Bank of Nigeria to
strengthen Micro/ Small and Medium Scale Enterprises, MSME, in Nigeria.
Asst. Director, Development Finance Interventions, Mr Babatunde Ogunlaja , said this in Ado Ekiti yesterday while interacting with prospective beneficiaries of the scheme comprising farmers, business men and women artisans and unemployed youths.
According to him, available data shows that women are better in loan repayment than men.
The CBN official said a sum of N63 billion had since been disbursed since March, 2016 out of which N5 billion was given to 80,000 farmers in Kebbi State to shore up rice production in the country, so that
Nigeria can stop relying on importation of food.
He said the interest rate has been pegged at 9 % for easy repayment
of the loan that was intended to develop the economy.
“Over one trillion naira has been expended by CBN for various intervention programmes in the areas of MSME, infrastructure, and
agriculture, but it pains us that most of our agriculture products
have not reached the processing unit let alone storage.
“Having found that out people don’t want to pay back loans, the loans shall be disbursed through registered cooperative societies and
commercial banks, who have been given the mandate to pay into individual accounts within five days”, he said .
Ogunlaja said the CBN has also earmarked a sum of N4.4 billion for
physically challenged to make them economically relevant and reduce destitution in the system.
Under the youth Entrepreneurship scheme, he said a special programme
has been designed for graduate under the NYSC Scheme to boost agro-business, manufacturing and craft.
Assistant Director, Consumer Protection Department of the CBN, Mrs Bolaji Lartey, said the bank would effectively play its regulatory
role on commercial and micro-finance bank for speedy disbursement the loan to beneficiaries.
Lartey said no bank will be allowed to overcharge the beneficiaries in terms interest rate , saying over N26 billion has been recouped by CBN being money paid by commercial banks for overcharging their customers.
She appealed to beneficiaries not to see the loan as a national cake, saying doing so could hamper the intervention schemes of the apex bank.
Speaking earlier, Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said the programme is to educate the people on how to access the CBN loan to carry out their farming to boost farming production in Nigeria.
Mr. Okorafor, further noted that the apex bank is in the state to interact with the people to know their needs.
The commissioner for Agriculture in Ekiti, Mr Kehinde Odebunmi , appealed for reduction of the interest rate to 5%.


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