SMEs to benefit from CBN’s N550bn Fund

Nigeria’s small businesses will benefit from the Central Bank’s N550 billion, which is meant to support non-oil export growth.

The CBN last week unveiled N550 billion export funds to spike sector and ensure it repatriates foreign exchange to the economy.

In association with the Nigerian Export-Import(NEXIM) Bank, the apex bank dedicated N500 billion to export stimulation, and N50 billion for export rediscounting and refinancing.

The good news is that small businesses engaged in export business will benefit from the fund.

“It will impact positively on the SMEs sector, especially those engaged in export business.

With this fund SMEs can have access to fund for export,” said Eke Ubiji, executive secretary, National Association of Small and Medium Scale Enterprises (NASME).

“Interest rate is what scares SMEs from getting funds but with a fund of interest rate less than ten percent, it is going to be very impactful,” Ubiji said.

He noted that for the fund to have its impact on SMEs, the government needs to manage it efficiently to ensure that that those who are meant to have the funds can easily access it.

Josephine Okojie