The Central Bank of Nigeria, CBN, Monday, rolled out a N2 billion Micro, Small and Medium Enterprises, MSMEs, Development Fund in Delta State as part of its effort to alleviate poverty in the state.
CBN governor, Mr Godwin Emefieli, while speaking at the ceremony in Asaba, said that the Small and Medium Enterprises, SMEs, credit funds were recognised worldwide as a catalyst for poverty alleviation, job creation and all-inclusive economic growth.
He noted that the fund was introduced by the apex bank to help address challenges facing SMEs in the country. In his words, “The fund is meant to help those entrepreneurs with brilliant business ideas but lacking the necessary funds to succeed.”
He enjoined the beneficiaries to make judicious use of the fund, as they would be required to pay back the loan.