CBN approves N1bn for SME in Niger

The Central Bank of Nigeria (CBN) has approved the release of second tranche of N1 billion for disbursement to Small and Medium Enterprises in Niger State.

The Commissioner of Investment, Commerce and Co-operatives, Alhaji Mudi Muhammad disclosed this during a press conference in Minna yesterday.

He said more than 1000 women and youth across the state are to benefit from the gesture.

The first tranche of N1 billion was flagged off in the state in March.

The commissioner said the CBN had set aside N200 billion to encourage Small Scale Entrepreneurs especially women and youth to access loan facilities to support their businesses with N2 billion each allocated to each state in two tranches.

The State Director General, Small and Medium Enterprises and MicroFinance, Alhaji Umar Audi, said the federal government through the intervention intended to encourage 500 businessmen and women within five years across the country.

He said prospective beneficiaries from the state were selected after a tour of all the 25 local government areas.

He noted that business owners small are expected access a loan to the tune of N500, 000 and one year repayment period.

The micro loans according to him were between N600, 000 to N5 million with three years repayment period, adding that the physically challenged were not left out of the programme having access N32 million from N40 million earmarked for them.