The Central Bank of Nigeria (CBN) has increased its N50 billion Target Credit Facility (TCF) to N100 billion.
The Director, Development Finance, Central Bank of Nigeria (CBN), Mr. Yusuf Yila, said at the virtual launch of the first pan-African MSME Academy that the bank had put in place many funding support initiatives to enable micro, small and medium scale enterprises (MSMEs) survive the COVID-19 pandemic and beyond.
He added that MSMEs are an important sector, hence the CBN and the Bankers’ Committee have put in place combined stimulus packages directed at them.
He urged MSMEs to take advantage of the CBN’s various funding windows to meet the demands of their businesses as the government is striving to revamp the economy through their efforts.
Recall that the CBN had disbursed N49 billion out of its initial N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy.
Giving details of the disbursement, CBN’s Director, Corporate Communications, Mr. Isaac Okorafor, had told THISDAY that about 80,000 operators of MSMEs and families had benefitted from the intervention fund.
The apex bank had earlier released guidelines for the disbursement of the special intervention fund.
The NISRAL Microfinance Bank (NMFB) serves as the disbursing financial institution and the fund is meant for SMEs, households and enterprises that have verifiable evidence of livelihood and evidence of business activities adversely impacted by the pandemic.
The scheme is being financed out of the CBN’s N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF).
Out of the fund, the CBN earmarked a maximum facility of up to N25 million for MSMEs while households can access up to N3 million based on the activity, cashflow and industry/segment size of a beneficiary.