CBN inaugurates board for agricultural funds

CBN inaugurates board for agricultural funds

By Mariam Sanni, Abuja

The Central Bank of Nigeria and the Bankers Committee has inaugurated the board for Agriculture and Small and Medium Enterprises fund to support the growth of the country’s economy.

The Manging Director of Union Bank, Emeka Emuwa who made this known at a press briefing after the 334th Bankers Committee Meeting (BMC) held in Abuja noted the fund which is N26billion was portion of their profit set aside by all banks.

He explained that the funds would be made available for equity investments in Agriculture and SMEs.

His words, ’One of the things we discussed at the Bankers Committee to further supporting the growth in the economy was, inaugurating the board of Agric and SMEs fund (N26billion), all the banks are supposed to set aside a portion of their profits which would be made available for equity investment in agriculture and SMEs.

So, the board was inaugurated today-the project review committee of the fund. Basically, the fund is ready to start implementing. In the course of few weeks, there will be more communication as to how to access those funds. Entrepreneurs, small businesses and agriculture, the opportunity is there for equity funding for their businesses’’, He said.

Also speaking, the Managing Director of FSDH Merchant Bank, Mrs Hamda Ambah, said that those who are interested in accessing such fund are looking for equity to support their agricultural ventures or small and medium scale enterprises should approach their banks now and apply.

She added that the bank will do sort of preliminary review and pass these requests on to the project review committee of this organization.

Furthermore, The Director of Banking Supervision, Ahmed Abdulilahi noted that meeting discussion was centred on economy and banking industry.

He stressed that because the non-oil sector largely drives the growth of the economy, the economy would have been out of recession by the 2nd quarter of 2017.

According to him, looking at the upsurge of the capital market, looking at the stability in the foreign exchange market, it indicates that the have been a lot of progress in getting the country of recession.

 

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