FG, CBN move to divert N220bn MSMEs fund to finance Agriculture in 2017

FG, CBN move to divert N220bn MSMEs fund to finance Agriculture in 2017

Having recorded less than 36% performance and accessibility in the last three years of establishment, the Federal Government and Central Bank of Nigeria are making frantic moves to ditch Micro, Small and Medium-scale Enterprises credit scheme and divert its allocation to finance Agriculture in 2017 and beyond. 
It will be recalled that the Central Bank of Nigeria with the directive of Federal Government established in 2013 Micro, Small and Medium-scale Enterprises scheme with N220 billion set aside to provide much-needed capital for the sub-sector of the nation’s economy. 
But, Federal Government and Central Bank of Nigeria seemed to have made a U-turn since the scheme is not fully serving the purpose for which it was launched and moves were being made channel the fund towards Agriculture, thereby, boosting investment in entire Agriculture value chain in 2017 and beyond. 
Speaking during tours made to several farm settlements across Ogun state on Tuesday, Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) disclosed that the MSMEs fund...

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