The Central Bank of Nigeria (CBN) has given a sum of N159.21 billion to 330,128 female under the Targeted Credit Facility (TCF) designed to support household and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
This was stated by the Governor of the apex bank, Godwin Emefiele, at the ‘Gender Equality Today for a Sustainable Tomorrow’ event in Abuja.
According to him, the bank has supported women with other intervention funds such as AGSMEIS, MSMEDF and other schemes in addition to issuing gender-mandated regulations to pave way for gender diversity and inclusiveness at the top management levels in the banks.
What the CBN is saying
Emefiele noted that the apex bank, under his watch, had demonstrated its commitment to diversity and inclusiveness through designing and implementing a wide variety of initiatives, programmes and interventions to promote entrepreneurship, reduce poverty, generate employment and deepen financial inclusion for women.
He said, “Females have benefitted hugely from the bank’s intervention programmes, such as the Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS) and the COVID-19 TCF.
“Specifically, out of N134.67 billion disbursed to 37,273 AGSMEIS beneficiaries, as of January 2022, 33% (N44.1 billion) went to 12,511 female beneficiaries. Similarly, out of N349.51 billion disbursed to 712,442 total beneficiaries under the TCF, 45% which was N159.21 billion went to 330,128 female beneficiaries.
“The MSME Development Fund (MSMEDF) was designed to allocate at least 60% of the fund to women and women-owned enterprises of which 60.3% of the 229,579 beneficiaries are women. Furthermore, out of the 211,306 financial statements currently registered in the collateral registry, 92,091, representing 43.6% were female borrowers.”
Where are the over 300,000 beneficiaries? They are faceless and nameless. Until the CBN integrates the financial system, we will continue to doubt government policies and programmes. It is not angels working in CBN. They are also Nigerians with hidden intentions both clean and in most cases otherwise. I think CBN should insist that beneficiaries of these funds should build appropriate structures and get listed on a public exchange to benefit from its programmes. Why would CBN give a whopping N3.5billion to only one unlisted Company. The risk of none or delayed repayment is reduced by listing. By listing on the Exchange (outside of NGX) , it will provide additional guarantee that the funds would be repaid by the borrower and there will be shareholders scrutiny on its financial records. Meanwhile, NGX need to be restructured, reformed, cleaned up at the top to meet the yearnings and aspirations of Nigerians. How many new companies have raised fresh funds through NGX in the last five years. Something is obviously wrong! Just my one kobo opinion
This is great news if truly the funds was judiciously utilized or disbursed.
Please how come there’s little or no publication or awareness to this opportunity? Kindly publish the method or procedure where eligible public can access this funds to aid their businesses, lot of businesses are either packed up or struggling great both post pandemic and present economic situation. Thanks.
My sister, please kindly asist me? The name of my company is hibuda general enterprise.