The Delta
Commissioner for Poverty Alleviation, Dr Antonia Ashiedu says 450 persons will benefit from the first tranche of the Central Bank of Nigeria (CBN) N20 billion Micro, Small and Medium Enterprises (MSME) fund in the state.
Asheidu disclosed this in Asaba at the official rolling out of the N2 billion CBN fund to MSME in the state.
She explained that out of the N2 billion, the state would receive N500 million as its “first tranche of the N2 billion MSME fund from the CBN.
According to her, 80 per cent of the loan goes to micro businesses, 18 per cent of the loan will go to small and medium enterprises, the remaining two per cent of the fund will go to the physically challenged persons including albinos.
“The micro repayment is 12 months, while the small and medium enterprise goes for two to five years repayment,’’ she said.
The commissioner said that 60 per cent of the total aggregate fund would go to the women, adding that women performed better in business.
“We thank the CBN for giving the resonating message which affirms that women understand how to manage loans and this confidence in women has been proven empirically globally,’’ she added.
Ashiedu rereiterated that MSME in Delta had continued to make impressive strides.
“ Our spices are sold in leading super markets in Nigeria, but particularly in every Shoprite Franchise in Africa,’’ she said.
The commissioner assured that the state would drive the MSME programme vigorously through its brand new state special purpose vehicle known as the Delta State, Micro, Mall and Medium Enterprises Development Agency.
According to her, we will maintain the very core principle that guided the success of the state micro credit programme by ensuring that the fund get to those it is meant for.
She commended the state government and CBN for focusing on the Nigerian economy on its pro-poor policies.