CBN has moved to install palliatives to cushion the effect of the current economic recession and stimulate the local economy towards growth.
The Federal Government through the apex bank has finally provided funds to boost the local economy by encouraging small businesses in the country.
According to reports, this will go a long way in reducing the indiscriminate rate of importation and gear Nigerians towards exports by boosting local productivity.
According to the World News, the Central Bank of Nigeria (CBN) yesterday unfolded policies to reduce hardship of Nigerians and the current economic recession.
The apex bank assured that 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 N220 billion funds made available for Micro Small and Medium Enterprises (MSMEs) could be easily accessed.
Okoroafor said 60 per cent 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 N2 billion.
According to him, the CBN also has the Commercial Agric Credit Scheme (CACS) for larger commercial farmers.
Also, 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.”
He maintained government couldn’t continue to allocate scarce foreign reserves on goods that we can produce locally. Some, which Nigeria even has comparative advantage.
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