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The Central Bank of Nigeria is Reserving 60% of its N220bn MSME Development Fund for Women

The Central Bank of Nigeria (CBN) said it reserves 60% of its N220 billion Micro, Small and Medium Enterprises Development Fund for women entrepreneurs.


The apex bank added that 2% of the wholesale component of the fund would be given to economically active persons that are living with disabilities, as 10% is meant for start-up businesses.


This was disclosed by the bank in the guidelines it issued for micro, small and medium enterprises development fund for non-interest financial institutions.


Last June, the Federal Government of Nigeria had announced it would roll out palliatives to assist women-owned medium and small businesses (MSME’s) recover from the impact of the pandemic.


Minister of Women Affairs, Mrs. Pauline Tallen, explained that the National Survey on the impact of COVID-19 on women-owned businesses in Nigeria captured trends and patterns of the losses caused by the pandemic on women-owned businesses, and will now guide the government’s move to revive the affected businesses.


She said, “The impact of the pandemic on micro, small and medium enterprises (MSMEs) has been quite massive, and resulted in unforeseen losses for business owners.”


Source: Nairametrics



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