CBN Raises Target Credit To N100bn For MSMEs

The Central Bank of Nigeria (CBN) has increased the N50 billion Target Credit Facility (TCF) to N100 billion with the interest rates slashed to 5 per cent from 9%, to keep MSMEs afloat in business.

The Director, Development Finance, CBN, Yusuf Philip Yila who was speaking at the virtual launch of the first Pan-African MSME Academy said MSMEs are an important sector, hence the CBN and the bankers committee have put in place combined stimulus packages directed at them.

Yusuf Philip Yila, said the apex bank had put in place several funding support initiatives to enable Micro, Small and Medium Enterprises (MSMEs) survive the COVID-19 pandemic and beyond.

He encouraged MSMEs to take advantage of the CBN’s various funding windows to meet the demands of their businesses as the government is striving to revamp the economy as soon as possible through their efforts.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, pledged the bank’s support for small businesses operating in the country, stressing that the micro, small and medium enterprises (MSMEs) sub sector remains the most affected by the COVID-19 pandemic and needs support in the revamping of the nation’s economy.

Representing AUDA-NEPAD, Amine Idriss Adoum, Director, Programme Delivery & Coordination, explained that the MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialized in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.

The first Pan-African MSME Academy is open to Medium, Small and Micro Enterprises in Nigeria and across Africa.