Post by Trade Coach on Apr 19, 2021 9:04:26 GMT 1
Targeted Credit Facility For SMEs And Households: CBN Raises It To N300 Billion
More good news coming from The Management of Central Bank of Nigeria (CBN); the Apex Bank has just raised the Covid-19 targeted facility for Small, and Medium Enterprises (SMEs) and Households from the former amount of N150 billion to N300 billion; this is to enable more Nigerian households to participate and benefit from the programme.
The Central Bank Governor, Mr. Godwin Emefiele explained that the top government monetary agency has taken some bold moves to alleviate the suffering of households and small business owners in the country.
He explained that such moves were taken with the understanding that they will drive economic growth during the pandemic.
This is the third raise that has taken place in the facility since the start of the Covid-19 lockdown in the country.
The Governor of the CBN stated this at a seminar organized for Finance Correspondents and Business Editors with the theme “Leveraging the digital economy to drive growth, job creation and sustainable development”.
He said “We created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21 billion had been disbursed to 316,869 beneficiaries.”
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to N300 billion, in order to accommodate many more beneficiaries and boost consumer experience which should positively stimulate the economy”, the Governor further said.
You can recall at the beginning of the Covid-19 lockdown and the attendant effects on households and SME’s, the CBN introduced a targeted credit facility of N50 billion at a single digit interest rate, and with a three year moratorium to cushion the impact of the pandemic.
Immediately after takeoff, the programme became highly subscribed and the CBN had to raise the funds to N100 billion, and later to N150 billion.
Owing to the fact that the interest of households and SME’s in the programme continues rising, the Central Bank of Nigeria decided to further increase it to N300 billion.
The CBN governor, Mr. Godwin Emefiele was represented at the event by the Deputy Governor, Corporate Services, Mr. Edward Lamekek Adamu; the Governor said that the time has come to leverage the digital space to drive economic growth in the country.
He said “We must find ways to leverage digital channels in improving access to finance and credit for all investing Nigerians. Consequently, the digital economy will be a key factor towards our efforts at driving growth over the next few years”.
According to him “To further drive growth, Nigeria needs to build a solid digital economy, by focusing on digital infrastructure (internet connectivity most importantly), digital platforms and digital entrepreneurship for classified information, as confidential and innovative endeavors.
As the biggest economy in Africa with one of the largest youth populations in the world, Nigeria is well-positioned to develop a strong digital economy.”
“Consequently, there is need to focus on accelerating improvements across five fundamental pillars of digital economy:
Digital Infrastructure
Digital Platforms
Digital Financial Services
Digital Entrepreneurship
And Digital Skills” he noted.
As we in this forum continue to bring to your notice events that will change the economic and financial landscape of this nation, this is another piece of information that will be crucial and relevant to you in no distant future.
Listed above are five (5) digital fundamental pillars of the emerging digital economy in Nigeria, choose even if it is one and make yourself an expert in it; you will see how you will position yourself and benefit in the near future.
The Covid-19 facility for households and SME’s has been increased to N300 billion now, what are you waiting for? If you have not applied, do so now.
Do not sit somewhere and be complaining, many people have gotten the fund and are doing fine now.
If you don’t know what business to go into, contact the admin of the forum and you will be shown the way to go both in agro-business, import and exports.
Keep working with us.
More good news coming from The Management of Central Bank of Nigeria (CBN); the Apex Bank has just raised the Covid-19 targeted facility for Small, and Medium Enterprises (SMEs) and Households from the former amount of N150 billion to N300 billion; this is to enable more Nigerian households to participate and benefit from the programme.
The Central Bank Governor, Mr. Godwin Emefiele explained that the top government monetary agency has taken some bold moves to alleviate the suffering of households and small business owners in the country.
He explained that such moves were taken with the understanding that they will drive economic growth during the pandemic.
This is the third raise that has taken place in the facility since the start of the Covid-19 lockdown in the country.
The Governor of the CBN stated this at a seminar organized for Finance Correspondents and Business Editors with the theme “Leveraging the digital economy to drive growth, job creation and sustainable development”.
He said “We created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21 billion had been disbursed to 316,869 beneficiaries.”
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to N300 billion, in order to accommodate many more beneficiaries and boost consumer experience which should positively stimulate the economy”, the Governor further said.
You can recall at the beginning of the Covid-19 lockdown and the attendant effects on households and SME’s, the CBN introduced a targeted credit facility of N50 billion at a single digit interest rate, and with a three year moratorium to cushion the impact of the pandemic.
Immediately after takeoff, the programme became highly subscribed and the CBN had to raise the funds to N100 billion, and later to N150 billion.
Owing to the fact that the interest of households and SME’s in the programme continues rising, the Central Bank of Nigeria decided to further increase it to N300 billion.
The CBN governor, Mr. Godwin Emefiele was represented at the event by the Deputy Governor, Corporate Services, Mr. Edward Lamekek Adamu; the Governor said that the time has come to leverage the digital space to drive economic growth in the country.
He said “We must find ways to leverage digital channels in improving access to finance and credit for all investing Nigerians. Consequently, the digital economy will be a key factor towards our efforts at driving growth over the next few years”.
According to him “To further drive growth, Nigeria needs to build a solid digital economy, by focusing on digital infrastructure (internet connectivity most importantly), digital platforms and digital entrepreneurship for classified information, as confidential and innovative endeavors.
As the biggest economy in Africa with one of the largest youth populations in the world, Nigeria is well-positioned to develop a strong digital economy.”
“Consequently, there is need to focus on accelerating improvements across five fundamental pillars of digital economy:
Digital Infrastructure
Digital Platforms
Digital Financial Services
Digital Entrepreneurship
And Digital Skills” he noted.
As we in this forum continue to bring to your notice events that will change the economic and financial landscape of this nation, this is another piece of information that will be crucial and relevant to you in no distant future.
Listed above are five (5) digital fundamental pillars of the emerging digital economy in Nigeria, choose even if it is one and make yourself an expert in it; you will see how you will position yourself and benefit in the near future.
The Covid-19 facility for households and SME’s has been increased to N300 billion now, what are you waiting for? If you have not applied, do so now.
Do not sit somewhere and be complaining, many people have gotten the fund and are doing fine now.
If you don’t know what business to go into, contact the admin of the forum and you will be shown the way to go both in agro-business, import and exports.
Keep working with us.