CBN, States ink N220bn MoU for SMEs

CBN27 July 2014, Abuja — The Central Bank of Nigeria, CBN yesterday signed a Memorandum of Understanding, MoU, with the 36 state governors for a N220 billion micro and macro development fund for the Small Scale Enterprises, SMEs, across the country.

The scheme is to fast-track the actualization of the Millennium Development Goals and transformation agenda of the federal government.

In his opening remarks, the CBN Governor, Mr. Godwin Emefiele, said the initiative was considered necessary to enable federal government bridge the socio-economic gap existing in the country.

Emefiele said the micro economic scheme was globally recognized as means of economic growth, income generation, job creation and poverty reduction.

Part of the initiative according to him is to establish six industrial centres in the six geo-political zones of the country.

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