The Governor of the Central Bank of Nigeria, Godwin Emefiele, accompanied by top CBN officials on Monday presented a symbolic cheque of N2 billion to the Delta State Government for onward disbursement to micro, small and medium entrepreneurs across the state.
Speaking at the ceremony to officially roll out the intervention funds, Emefiele said the loans, which would be disbursed to MSME entrepreneurs, would attract a single digit interest rate.
He urged the beneficiaries to make judicious use of the loans, insisting that the grant was free gift, even as he implored them to cultivate the habit of good credit and repay loans as fast as possible to enable them get another.
Emefiele said CBN launched the intervention scheme in recognition of MSMEs as a catalyst for rapid economic growth, poverty reduction and job creation across the globe, and commended the Delta State Government for having a well coordinated programme of poverty reduction.
Receiving the cheque, the state Governor, Dr. Emmanuel Uduaghan, assured the CBN boss that the funds will get to intended beneficiaries.
Uduaghan announced that his administration would take care of the interest rate on behalf of the beneficiaries.
Dr. Uduaghan also promised that the government would shoulder any cost arising from the administration of the disbursement of the funds to the benefitting entrepreneurs, adding that it was one of the ways of supporting the scheme.
“Let me assure the CBN that the money will get to those whom it is intended for, and whatever logistics that would be involved, the state government will take responsibility and also pay the nine per cent interest rate so that it will get to the clients (beneficiary) at zero per cent,” he promised.
According to the governor, the first tranche of N500 million would be disbursed to the entrepreneurs while awaiting the balance, revealing that the state government was very prepared to benefit from the scheme when it was first launched at Abuja.