CBN to fund one million graduates in SMEs‎

The Central Bank of Nigeria (CBN) has set machinery in motion to lend funding support to at least one million graduates involved in Micro, Small and Medium Scale Enterprises (MSMEs) this year.

Giving this hint at the weekend was the Branch Controller of CBN, Ibadan, Alh Folorunso Olatinwo. The event was at the end of the year party of Ibadan Bankers’ Committee, held in Ibadan, the Oyo State capital.

Olatinwo, who was represented by CBN Head of Banking Section, Ibadan, Alh Muhammed Musa, said the initiative will be completely different from the N220 billion MSMEs development fund that was launched earlier.

He also urged the Deposit Money Banks (DMBs) and other financial institutions to also support the initiative.

“We need to get more and more people to be employed and we will need the support of the banks to begin to see how we can lower our risk acceptance criteria to give support to our young graduates. The nation had entered a phase where it must prioritise MSMEs to grow the economy. SMEs are seen as drivers of growth in an economy,” he said.

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