CBN increases SMEs fund to N300bn

The Central Bank of Nigeria has increased the Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMEs) from N150 billion to N300 billion.

The CBN Governor, Godwin Emefiele, disclosed this at a virtual workshop for finance editors and correspondents held on Saturday in Lagos and Abuja.

According to him, the apex bank had disbursed N149.21 billion to SMEs and households across the country under the TCF.

Emefiele, who was represented at the seminar by the CBN Deputy Governor, Corporate Services, Edward Lametek, said the bank had initiated moves at alleviating the plights of business owners and drive economic growth during the COVID-19 pandemic.

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He added that CBN has continued to improve its remittance infrastructure in order to provide Nigerians in the Diaspora with cheaper, convenient and faster channels of remitting funds to beneficiaries in Nigeria.

The CBN governor said: “We initially created a N150 billion Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21 billion has been disbursed to 316,869 beneficiaries.

“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300 billion in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”

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