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AGSMEIS Disburses N115million to 358 Beneficiaries From The N26billion Enterprise Development Intervention Funds

The Central Bank of Nigeria (CBN) in collaboration with Deposit Money Banks (DMBs), in a bid to address financial constraints for Small Medium Enterprises (SMEs) and create more job opportunities, has commenced with the disbursement of N115million from the N26billion Enterprise Development Intervention funds under the Agribusiness and Small and Medium Enterprises Investment Scheme (AGSMEIS) set up by the bankers committee.

 

CBN Governor, Mr Godwin Emefiele who disclosed this on Wednesday in Abuja at the launch of the scheme said AGSMEIS is an agreement of Bankers committee to set aside five per cent of their Bank's annual profit after tax to provide funds, equity or loans for SMEs at single digit interest rate. He also said the fund would be disbursed to youths, who had been trained on various entrepreneurship, vocational and management skills across the country by Entrepreneurship Development Institutions and Centres.

 

He however stressed that the money is not free and repayment would be adequately monitored as he implored beneficiaries to pay back as at when due. Chairman, Banker's Committee and Managing Director, Access Bank plc, Mr Herbert Wigwe said in order to address the unemployment rate as Nigeria's population rises to 198million their is urgent need to provide funds for the real and informal Sector.

 

Our correspondent Raliat Adenekan reports that the AGSMEIS which is designed to be implemented in three broad components, namely Direct, Indirect and Developmental components is expected to reach N60billion by June 2018 for more beneficiaries to key into.  

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