- The Central Bank of Nigeria had given over N159 billion to over 300,000 women in a targeted programme
- The CBN governor, Godwin Emefiele said that the scheme is targeted at women whose businesses has been impacted by the COVID-19
- He said the CBN has focused on women under various programmes like the AGSMEIS, MSMEDF intervention projects
The Central Bank of Nigeria (CBN) said it has disbursed about N159,21 billion to 330,128 women under the Targeted Credit Facility (TCF) which is meant to support families, Micro, Small and Medium Enterprises (MSMEs) which has been impacted by the COVID-19 pandemic.
Emefiele said the bank has supported women with other intervention projects like the AGSMEIS, MSMEDF and other projects in addition to giving gender-targeted regulations to give way to gender diversity and inclusion at the management levels in banks.
What Emefiele is saying
According to him, the CBN has shown its focus on diversity and inclusion through developing and executing a lot of programmes and initiatives to enhance entrepreneurship, reduce poverty, generate employment and deepen financial inclusion.
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“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.”
How to apply and secure N5 billion loan from CBN’s 100 for 100 Policy scheme
Legit.ng has reported that recently, Nigeria’s apex bank, the Central Bank of Nigeria released the names of beneficiaries of its N23.2 billion loan under the 100 for 100 Policy on production and productivity (PPP).
Applicants for the loan should know that the CBN’s loan limit is B5 billion, although, applicants can secure above the N5 billion threshold subject to CBN’s approval.
The CBN will select 100 private sector companies which have projects with the potential to greatly boost local productivity and have foreign exchange capacity for Nigeria.