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 funds to enhance development in Edo

03 February 2014, 17:11

Edo -  Edo State Government has concluded plans to tap into the Central Bank of Nigeria (CBN’s) N220-billion Microfinance Intervention Fund (MIF) to help alleviate poverty in the state.

Governor, Adams Oshiomhole, disclosed such plans when he hosted the Governor of the central bank, Sanusi Lamido Sanusi, at the Government House, Benin City.

“Let me use this opportunity to appreciate your drive to reposition the banks so that it has come up with a number instruments that are designed to focus exclusively and address what I call the true forgotten majority. We also have to acknowledge the fact that those who are poor are increasing in number as a result of decades of wrong policies that have marginalized the majority and created a tiny class of extremely rich people,” he said.

He said government would liaise more closely with the CBN to see how it could benefit from the fund so that it can serve as a guarantor to get the funds and manage them in such a way that people across the 192 wards in the state benefitted irrespective of political inclination.

CBN Governor, Lamido Sanusi said the apex bank will continue to engage the relevant state finance ministries to avail themselves of the opportunity offered to assist small and medium scale micro-enterprises to access about N220 billion intervention fund provided by CBN.

“We do have about 30 micro finance banks and about N220 billion micro and medium fund which is available to service medium term to lend to the poor. We have been convinced that microfinance business has become a business. Where the poorest people are paying the highest interest rate is not the way to alleviate poverty,” he said.

He said the intervention is one of the ways to facilitate access is to work with state governments. So we rely on the state governments to pay us back and the state can charge reduced rate to the poor people.

- CAJ News


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...