Central Bank of Nigeria, Abuja

The Central Bank of Nigeria (CBN), says it has disbursed N220 billion as loan, for Small and Medium scale Enterprise.
The Director, Corporate Communications Department of the Apex bank, Isaac Okorafor, disclosed this in an interview with news men in Gombe north-east of the country, on Monday,  during the bank’s programme on Promoting Financial Stability and Economic Development.
He said the loan which was tagged Small and Medium scale Enterprises Development Fund (MSMEDF) was set aside to encourage people who were into businesses like Vulcanizing, Hair dressing, Barbers who would also employ others to work with them.
“If you empower these groups of people, the economy will grow faster because they will become employers of labour.
He said people were discouraged to apply for loans because they do not have collateral, hence the provision of this loans, easy to access through their cooperative organizations, they would open accounts in banks, and interest rate is only 9 %.
He stated clearly “In CBN, we do not give grants to people, but we show you how to access funds.”

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