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Nigeria: 'Banks Target N100bn for Real Sector'
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This Day (Lagos)
10 May 2008
Posted to the web 12 May 2008
Lagos
Indications emerged that banks may have concluded plans to inject N100 billion into the real sector of the economy by 2010 through Micro-Credit Fund (MFC).
Deputy Director, Develop-ment Finance Department of tge Central bank of Nigeria, Mr. Joe Alegieuno, made this known at the 12th Bi-Annual Seminar of the CBN in Kano.
He said the money would be pulled together by the Bankers Committee. He said the Bankers Committee had last year, collapsed the Small and Medium Scale Enterprises Equity Investment Scheme (SMEIES) and set up the MFC with a larger scope.
In a paper titled "Micro-Finance Policy, Issues, Prospects and Challenges", Alegieuno said the essence of MFC, like the SMEIES fund, was to reduce poverty. He said in order to enhance the flow of micro-enterprises, the committee had set up a Micro-Credit Fund (MCF) of N50 billion. He said the fund had commenced operations with the balance of the SMEIES funds as at December 31, 2007.
According to him, subsequent contributions would be made by each bank to make the N100 billion by the end of 2010.
He said the SMEIES Fund was worth N37 billion as at the end of last year, adding that only N20 billion was accessed by small and medium scale industries, leaving the CBN with N17 billion.
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He recalled that small and medium scale industries had complained that the conditions for accessing the funds were cumbersome and difficult for the informal sector to participate.
Alegieuno said the N17 billion balance from the SMEIES fund had been transferred to the MFC.
He said the fund would be made available to all state governments with viable microfinance proposals and commitment to support small and micro-enterprises.
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