CBN Begins Disbursement of N26bn Agribusiness Fund

Enterprise Television- CBN Begins Disbursement of N26bn Agribusiness Fund

The Bankers’ Committee has begun the payment of the N26 billion funds growing from the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS).

AGSMEIS is an initiative designed to improve access to affordable financing for medium, small and micro enterprises (MSMEs), particularly those operating in the informal sector of the country’s economy.

At its 331st meeting on February 9, 2017, the committee had initiated AGSMEIS with all deposit money banks, agreeing to set aside and contribute five percent of their profit after tax (PAT) annually to finance eligible projects under the Scheme.

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele at the commencement of the event said “As at today, the size of the Fund stands at about N26 billion and this is expected to exceed N60 billion by June 2018. I am therefore very delighted that we have come to this stage where we are ready to begin the disbursement of these funds to deserving beneficiaries.

Emefiele said that on his assumption of office in June 2014, his resolve and vision was to create a professional and people-centred central bank, with a focus on development financing.

He added that the core objective of the vision was that of a CBN that will act as a financial catalyst by targeting predetermined sectors that can create jobs on a mass scale and significantly reduce the nation’s import bills.

The disbursement of materials worth N133 million to the first set of 358 beneficiaries to start businesses in their chosen fields was flagged.

Emefiele stressed that the money was not free, and admonished that the beneficiaries should be strictly monitored to ensure repayment.

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