The Central of Bank of Nigeria on Thursday organised a two-day training workshop for co-operatives in Niger State on how to access the N220 billion Micro, Small and Medium Enterprise.
Participants at the workshop organised by the Development Finance Department of the apex bank included Non Governmental Organizations and the Micro Finance Institutions.
The Principal Manager of CBN DFID, Abuja, Hajiya Habiba Lawal, said that the fund was launched in 2013 by President Goodluck Jonathan to reduce the high level of unemployment in the country.
Lawal said that the initiative was an engine of economic growth, vehicle for job creation, drive of production, income generation and tool for poverty reduction in the country.
According to her: “This is an initiative by the President, established with a seed capital of N220 billion to provide change of wholesale, promote and deepen access to finance, to develop grassroots economy.
“It also serves as women empowerment initiative that will help them contribute to job creation and to fully participate in national development.”
Lawal said that the fund is disbursed through the Micro Finance Banks, Micro Financial Institutions, Financial Cooperatives, Finance Companies, Development Money Banks as well as the Banks of Agriculture and Industry.
She added that the facility gives access to N10 million and N5 million for micro finance and N500,000 for co-operatives and individuals.
She said: “The criteria for accessing this fund are agricultural value chain activities, services such as hotels, schools, restaurants and laundry.
“Artisanship, cottage industries, trade and general commerce, with maximum of 10 per cent component, any other income generating projects and a letter of authorization from CBN.”