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Published On: Mon, May 27th, 2019

N9tn required for SMEs operations in Nigeria, says CBN official

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From Yakubu Mustapha, Minna.

No fewer than N9 trillion was required for a successful implementation and full operation of Small and Medium Enterprise (SMEs) in Nigeria, Branch Controller, Central Bank of Nigeria (CBN) Minna, Alhaji Mas’ud Ibrahim Tulu has disclosed.
However, he said that N220 billion has already been set aside for the scheme.
Speakiong at the opening of knowledge sharing session under Enterprise Network Initiative Programme organized by SMEDAN at Minna, the State Capital, Tulu said over sixty billion naira has been set aside in a separate account in the Central Bank of Nigeria (CBN) for the Agric Business of Small and Medium Enterprises Scheme.
Tulu explained that the money was from the banks 5% contributory funds, from their profit after tax in which Niger State is yet to receive disbursement hence the need for the state to take advantage of the scheme by registering with the programme.
He said that in 2018 the sheme has 97,000 members were registered however called for more registration by group noted that it has a ceiling of N10 million hence the collective efforts was needed for a desire results.
Also speaking at the event, Niger State Governor, Alhaji Abubakar Sani Bello decried that despite several efforts of governments the level of unemployment persisted as 25.1% of Nigerian youths are unemployed and 35% under employed.
Represented by the Niger State Director General, Small and Medium Finance Agency, Umar Faruk Audi who said that the current administration was doing everything possible to reversed the ugly trends, adding that 12,033 persons to benefit from the N2 billion in Niger State that will create 3,261 new jobs for the unemployed.
Also the Director General / CEO SMEDAN, Dr Dikko Umaru Radda explained that the forum is a platform for mobilizing the organized private sectors to support sustainable enterprise growth with the aim of building profitable and globally competitive enterprises is Nigeria.
Represented by the North Central Coordinator, Mrs Charity Ukwo who added that this was to unlock the opportunities in Nigeria’s non oil sector to reduce over dependence in oil.
Consequently, the event covered all states in the North Central who assembly in Minna while the Southern states gathered in Abia state simultaneously for the programme and exhibition.

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