Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN earmarks N132bn fund to women

23 January 2014, 21:13

Bauchi - The Central Bank of Nigeria (CBN) said that N132 billion out of the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF) had been earmarked for women.

The CBN Branch Controller in Bauchi State, Musa Muhammad, said this in Bauchi on Thursday during a sensitisation workshop for state governments, financial institutions and the organised private sector on MSMED Fund.

Muhammad explained that the amount, which represented 60 percent of the total fund, was earmarked for women considering the peculiar challenges women were facing in accessing financial services.

“The Revised Micro finance Policy, Regulatory and Supervisory Framework in section 4.2(IV), provides that women access to financial services should increase by 15 percent annually in order to eliminate gender disparity.

“In order to achieve this, 60 percent of the fund has been earmarked for providing financial services to women, ‘’he said.

The controller said that the MSMEDF, which was launched in August 2013, had broad objective of channeling long-term, low-interest funds to the MSME sector of the economy through participating financial institutions.

He said that the specific objective was to reach over two million MSMEs over a 10-year period in which 60 per cent was targeted at women entrepreneurs.

“The CBN believes that developing the MSMEs is the key to economic advancement and wealth creation.

“To ensure a sustainable economic development programmes, policies and guidelines must be designed such that all factors and peculiar needs and requirements of stakeholders are noted and addressed, ‘’he said.

He said that the sensitisation workshop had become necessary having recognised the importance of state governments as stakeholders in the administration of the fund due to their closeness to the grass roots.

“In view of that, the CBN has developed operational guidelines for the state government’s participating in the MSME development fund.

Muhammad further explained that the fund covers social development with 10 per cent and commercial development with 90 percent.

He said that all state governments including the FCT shall access a maximum of N2 billion each for the maximum of three years per circle at 9 percent interest rate.

According to him, the targeted groups include farmers, artisans, self-help groups, cottage industries, financial cooperatives and traders.

In a remark, Governor Isa Yuguda of Bauchi state commended the CBN for the laudable gesture, particularly with the allocation of 60 per cent of the fund to women entrepreneurs.

He said that the state government had already funded and equipped 10 micro finance banks in the state through which the fund could be accessed.

Yuguda advised that the conditions for accessing the fund should be made flexible such that the aim would be achieved.

 - NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...