Micro, small, and medium-sized companies (MSMEs) were informed by President Ahmed Bola Tinubu’s Special Adviser on Industry, Trade, and Investment, John Uwajumogu, that the Federal Government has made it simpler for applicants to access the N200 billion fund with the Central Bank of Nigeria (CBN).
In order to be eligible for the loans, he claimed, interested candidates must register with the Manufacturers Association of Nigeria (MAN), the National Association of Small Scale Enterprises, or the Organized Private Sector (OPS).
In order to encourage SMEs’ access to credit, the CBN established the Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) a number of years ago.
Unfortunately, the facility has not been accessible to the majority of MSME operators, which has had an influence on its effects.
In response to inquiries from reporters at the 4th Abuja Business Plan Competition at a Glance, which was hosted by the Abuja Enterprises Agency (AEA), Uwajumogu provided the assurance.
According to the aide, “The current administration is aware of the N200 billion MSME fund domiciled with the CBN, going forward, I can assure you that government will ensure that all SMEs that register with recognised associations will be assisted to have easy access to the funds.”
“Government is also taken it upon itself to provide basic infrastructure and remove all bottlenecks that have been problematic to the growth of the sector without delay.”
