The Central Bank of Nigeria (CBN) yesterday unfolded policies
to reduce hardship of Nigerians and the current economic recession.
CBN assured federal government and the apex bank were aware of the
prevailing tough economic climate, assuring that the situation would
soon be overcome.
CBN’s acting director Corporate Communications, Isaac Okoroafor said
at a fair organised for small and medium scale enterprises, artisan,
farmers, banks, hairdressers, barbers, shoemakers and other business
groups in Enugu, that N220billion made available for Micro Small and
Medium Enterprises (MSMEs) could be easily accessed. He said 60 percent of the funds were meant for women and women-owned
enterprises. He revealed that some states had already accessed the funds
to the tune of N2billion.
According to World News, he added that the CBN also has the Commercial Agric Credit Scheme (CACS) for larger commercial farmers. Okoroafor explained, “If you are a serving corps member and you want
to get into business, you can get as much as N3 million to start as an
entrepreneur. What happens is that you are not required to provide any
collateral because we discovered that collateral is the problem. Your
degree or HND certificate will serve, as your collateral because we know
it is an asset in which you have made investment. So, just surrender
it, and that is all.”On other policies to help stabilise the economy, Okoroafor said:
“Look at rice for instance, 28 out of 36 states can produce rice, so, we
have launched a programme called Anchor Borrowers Programme. It is not
only on rice but also on tomatoes, palm produce and other farm produce.”But for all the years that CBN has been in existence, how far with all these “policies”? It is well.
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