Business FG to Give N220bn to Small Business Owners Next Week


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On Tuesday, August 19, 2014, President Goodluck Jonathan will be launching the N220bn Micro, Small and Medium Enterprises (MSMEs) development as part of his efforts to promote entrepreneurship among the less privileged, Forward Nigeria says.

According to the Development Finance Department of the Central Bank of Nigeria (CBN), President Jonathan will also present prizes to participants who displayed excellence in the promotion of entrepreneurship in 2013.

The CBN will disburse the N220b at 9% interest rate to Microfinance Banks (MFBs), who will in turn do the same to beneficiaries. CBN also announced that 60% of the fund will be given to women, with an interest rebate component put in place to ensure they don’t pay more than 9% interest on their loans.

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Source: #ForwardNigeria #MSMEs


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