The Central Bank of Nigeria (CBN) has targeted October 2014 to test-run the registry of movable collateral. This is in a bid to address the challenges of access to funds faced by the Micro, Small & Medium Enterprises (MSMEs) in Nigeria.
The Director, Development Finance Department, CBN, Mr. Paul Nduka Eluhaiwe, disclosed this at the general meeting of the Nigerian Association of Small and Medium Enterprises (NASME) while presenting a paper tagged “Access to Low Interest Funds for MSMEs Development- CBN Intervention Schemes and Programmes.”
He said access to cheap and long-term finance poses a major challenge to SME development in Nigeria and that Nigeria experiences a huge SME financing gap with successive decline since the 1990s show consistent decline, adding that the CBN has targeted October 2014 to test-run the registry of movable collaterals in the country.
He urged Nigerian entrepreneurs to take advantage of the CBN entrepreneurship development programmes going on in the six geo-political zones in the country as CBN is intervening in the sector to unlock the financing challenge through a number of programmes and that the Nigerian entrepreneurs can take advantage of the programmes to set up their respective businesses .