The Central Bank of Nigeria said it has supported the real sector of the nation’s economy with N2.10 trillion as project support disbursement to 426 projects while disbursing N330 million to support entrepreneurship development across the country.
The Bank stated that through its interventions in various economic sectors, it would continue to assist the development of export-ready markets, particularly those that would contribute to Nigeria’s economic growth and development.
The central bank distributed N66.99 billion to 12 additional manufacturing and agricultural projects under its real sector facility.
“Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10 trillion disbursed to 426 projects across the country,” CBN’s director in charge of corporate communication Osita Nwasinobi said on Thursday at the ‘CBN Special Day’ at the ongoing 17th Abuja International Trade Fair.
According to Mr. Nwasinobi, the bank’s endeavor to diversify Nigeria’s productive base, with an emphasis on expanding the export of non-oil commodities, precisely aligns with the topic of this year’s event.
Dr. Al-Mujtaba Abubakar, President of the Abuja Chambers of Commerce and Industry, said the theme was chosen to provide SMEs operators a better grasp of the digitisation process.
Economies of scale, lower operating and transaction costs, and decreased information asymmetries, he said, are just a few of the opportunities that digitisation offers for Micro, Small and Medium Enterprises to improve performance, spur innovation, enhance productivity, and compete on an even playing field with larger firms.
In the MSME sector, CBN supported entrepreneurship development with the sum of N39.26 million under the Tertiary Institutions Entrepreneurship Scheme (TIES), bringing the total disbursement under the intervention to N332.43 million.
Recently, N20.17 billion was disbursed to 14 projects in healthcare, manufacturing, and services, bringing the cumulative disbursement under the 100 for 100 Policy on Production and Productivity (PPP) to N93.39 billion to 62 projects.
CBN governor Godwin Emefiele had always called on Nigerians to not only support the thriving of the SMEs in the production of commodities in which they have comparative advantage but to produce, add value and export so as to grow Nigeria’s economy, create jobs for our teeming youths and conserve the country’s foreign exchange.
Represented at the event by Deputy Director Sam Okogbue, Mr Nwasinobi urged SMEs to ensure that their products and services are export-ready and can compete globally.
Dr Abubakar who was represented by his vice president, finance, Alhaji Usman Balarabe said despite the challenges facing the economy of Nigeria, “the central bank has been of great benefits to the SME sector by creating different financial platforms for them.
“The Central Bank has come to the rescue the nation by embracing developmental financing tools to assist businesses.”
Dr. Abubakar however expressed his satisfaction for the bank’s new initiative, noting the use of chambers of commerce as a forum for financial support of SMEs. He claimed that the over 60 chambers of commerce in Nigeria need project support funds to help their members expand their businesses.
