CBN Supports 7000 SMEs with N20bn

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The Central Bank of Nigeria, CBN, has released N20 billon to 7,000 beneficiaries through the National Microfinance Bank across the country.

A statement from the Senior Special Assistant to the President on Media & Publicity, Office of the Vice -President, Laolu Akande, said Vice -President Yemi Osinbajo, disclosed this during a meeting to review the progress on efforts to support Micro, Small and Medium Enterprises at the Presidential Villa, Abuja, on Wednesday..

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He stated, “So far, and in just within weeks, the Central Bank of Nigeria  through the 56 branches of the National Microfinance Bank across the country has disbursed N20bn to 7,000 beneficiaries already, with plans to give out N5bn monthly to more beneficiaries in the country.”

According to the statement, the National Agency for Food and Drug Administration and Control, NAFDAC, said it was ready to register more Nigerians willing to venture into the food and drug businesses by unveiling its e-registration platform for ease of registration.

The agency offered a 75 per cent reduction in the cost of product registration, which will commence soon.

The Director-General, NAFDAC, Prof. Moji Adeyeye, said the move aimed to address challenges faced by owners of small businesses in the registration of their products.

She said the agency hoped this would also lead to job creation.