Only 36% of N220bn MSMEDF disbursed —CBN

Years after the launch of the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Central Bank of Nigeria (CBN) has said only about  36  per cent of the fund has so far been accessed even as it warned commercial banks against charging interest on the intervention fund beyond the stipulated nine per cent.

According to the CBN governor, Godwin Emefiele, less than N80 billion of the N220 billion has been accessed.  Expressing his concern over the trend, Emefiele urged farmers in the country to take advantage of the various agricultural intervention funds of the Bank to boost the agricultural sector.

He assured that the CBN was ready to ensure their disbursement through participating financial institutions at single digit interest rate, warning that any bank found charging above the stipulated rate would be dealt with.

Governor of the CBN Godwin Emefiele, during an interaction between the Presidential Task Force on Agricultural Commodities and Production and young farmers at the Owowo Model Farm Estate warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the CBN.

Assuring the young farmers of the apex bank’s funding support through their respective PFIs, the CBN governor urged them to report any bank that charges them above nine per cent interest on loans guaranteed by the CBN.

He also assured them that Development Finance Officers from the bank were readily available to assist them on how to access credit from the various intervention funds in order to guarantee employment, create wealth and meet the country’s food needs.

He therefore urged the young farmers to take advantage of the CBN  Youth Entrepreneurship Development Programme (YEDP) as well as the Micro, Small and Medium Enterprises Development Fund (MSMEDF) to create wealth.

Also speaking, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh assured the youth of Federal Government support in their quest to make legitimate earnings from agriculture.

Ogbeh, who frowned at the spate of importation of goods that can be easily produced in Nigeria, expressed confidence in the ability of the youth to produce agricultural commodities that will earn the country the much-needed foreign exchange.

He also commended the effort of the CBN Governor, who he noted was very concerned about the import bills of the country, particularly as it had to do with rice importation.

In his remarks, the Kebbi State Governor and Chairman, Presidential Task Force on Agricultural Commodities and Production, Alhaji Atiku Abubakar Bagudu commended the support of the CBN in revamping agricultural value chains across different crop types. He equally lauded the efforts of the Ogun State Government in boosting agriculture in the State.

The host-Governor, Senator Ibikunle Amosun in his remarks, thanked the presidential task force for visiting the State; assuring that his administration would partner with the CBN and do all within available resources to fund the agricultural sector.