Central Bank of Nigeria, CBN, said it has so far set aside the sum of N2.02 trillion as
intervention funds for operators in the various sectors of the Nigerian economy to access.
CBN Governor, Mr. Godwin Emefiele, who was represented by the bank’s Ag Director,
Development Finance, Dr. Olaitan Adeola, disclosed this at a stakeholders’ forum titled:
“Accelerating Enterprise competitiveness and growth in Nigeria: Building capacity for
sustainable development’ in Lagos. The forum was organised by African Management
Services Company, AMSCO.
intervention funds for operators in the various sectors of the Nigerian economy to access.
CBN Governor, Mr. Godwin Emefiele, who was represented by the bank’s Ag Director,
Development Finance, Dr. Olaitan Adeola, disclosed this at a stakeholders’ forum titled:
“Accelerating Enterprise competitiveness and growth in Nigeria: Building capacity for
sustainable development’ in Lagos. The forum was organised by African Management
Services Company, AMSCO.
He said that from the past administration to date, policy instruments such as schemes,
guarantees, rebates, establishment of development finance institutions, DFIs, and capacity
building have been used to intervene in the nation’s economy.
guarantees, rebates, establishment of development finance institutions, DFIs, and capacity
building have been used to intervene in the nation’s economy.
Emefiele noted that CBN’s commitment under each instrument type runs into billions of
Naira under various schemes such as Commercial Agricultural Credit Schemes, CACs
which amounts to N200 billion, Power and Aviation Intervention Fund, PAIF, N300 billion,
Micro Small Medium Enterprise Development Fund, MSMEDF, N220 billion, Real Sector
Support Facility, RSSF N300 billion and Nigeria Electricity Market Stabilisation Facility,
NEMSF N213 billion through revolving credit facilities totaling N1.233 trillion.
He said other Funds set aside for operators to access include multi-pronged financing under
NISRAL, which included risk sharing, insurance and technical assistance facilities as well as
holistic bank rating and bank incentives mechanisms, which amounts to N75 billion. The
N203 billion guarantee funds under the Agricultural Credit Guarantee Scheme Fund,
ACGSF.
In addition, he stated that the amount so far disbursed include the N203 billion Small
Medium Enterprise Credit Guarantee Scheme, SMECGS programmes through a revolving
credit facilities.
He said that the government added another N2 billion of interest rebate funds under the
revolving Interest Draw Back, IDB of the ACGSF and single digit interest rates in many other
schemes. According to him, CBN has directed the establishment of agricultural desks at all
deposit money banks, DMBs, licensing and supervision of operations of microfinance banks,
MFBs, collateral registry to register security interests in all kinds of assets to ease collateral
constraint and expansion of foreign exchange exclusion list to promote domestic production.
On his part, Mr. Paul Melherbe, stated that there are three key issues that require special
attention for Nigeria to meet its private sector development agenda. These he listed as
including a change of focus from youth education to youth entrepreneurship, increased
interventions that promote gender empowerment and directly developing SMEs with limited
skills.
“Most Africans SMEs are faced with growth challenges because there is a dependency on
large companies or cooperates to educate them. Our business landscape can only improve
if we don’t wait but rather place our lens on collaborations to develop human capital at SME
level, matching the right skills with right jobs, training the management of those businesses
and helping them access capital to reinvent themselves, this is our core focus at AMSCO,”
said Malherbe.
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