{"id":10005,"date":"2016-12-12T11:19:18","date_gmt":"2016-12-12T10:19:18","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=10005"},"modified":"2016-12-12T11:54:50","modified_gmt":"2016-12-12T10:54:50","slug":"cbn-to-unveil-n30bn-agricsme-fund-in-january-r-the-eighth-bankers-committee-annual-retreat-in-lagos-he-said-the-agriculturesme-fund-would-be-unveiled-on-january","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-to-unveil-n30bn-agricsme-fund-in-january-r-the-eighth-bankers-committee-annual-retreat-in-lagos-he-said-the-agriculturesme-fund-would-be-unveiled-on-january\/","title":{"rendered":"CBN to unveil N30bn agric\/SME fund in January"},"content":{"rendered":"
\"\"<\/a>
Godwin Emiefele, Governor of CBN<\/figcaption><\/figure>\n

CBN to unveil N30bn agric\/SME fund in January<\/h1>\n

The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year.<\/p>\n

The Governor, CBN, Mr. Godwin Emefiele, disclosed this on Saturday at a press briefing after the eighth Bankers\u2019 Committee annual retreat in Lagos.<\/p>\n

\u00a0He said the Agriculture\/SME Fund would be unveiled on January 1, 2017, but the money would not be available until around March or April after the DMBs\u2019 audited accounts would have been presented to the public.<\/div>\n
<\/div>\n
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Emefiele, who is also the Chairman of the Bankers\u2019 Committee, said the committee would continue to promote an efficient and stable economy to deliver price stability, financial system stability, financial inclusion and economic growth.<\/p>\n

According to him, the committee has defined goals for 2017 to include supporting government\u2019s efforts to develop adequate infrastructure to engender viable and productive SMEs, and increasing access and cost of funding, particularly to the agriculture and manufacturing SMEs.<\/p>\n

He said, \u201cWe will identify opportunities to provide funding and necessary support for agriculture and manufacturing SMEs, including structures and systems to improve the ease of regulatory compliance.<\/p>\n

\u201cThe central bank will, together with the banking sector, establish an agriculture\/SME fund from contributions of a portion of profit after taxes of Deposit Money Banks as a deliberate strategy to support the funding and access to finance by the SMEs and primary agriculture.\u201d<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The governor said the modality for the fund, which will operate as an equity fund, would be worked out by the Bankers\u2019 Committee and communicated in due course.<\/p>\n

He said the committee would continue to focus on capacity building and expansion as well as deepening awareness of available information infrastructure.<\/p>\n

The communiqu\u00e9 issued at the end of the retreat, \u201cEfforts will include providing industry-focused SME financial skills curriculum to develop financial and business capacity; promoting the need for capacity building; promoting the use of payment systems; providing shared structures for basic financial records; and providing the use of new and existing financial infrastructures for access to credit.<\/p>\n

\u201cOver the next few days, the Bankers\u2019 Committee will finalise the strategy, governance framework action plan and assign responsibilities for implementation of the committee\u2019s programme for 2017 that will achieve the desired results and outcomes.\u201d<\/p>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

CBN to unveil N30bn agric\/SME fund in January The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year. The Governor, CBN, Mr. Godwin Emefiele, disclosed …<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17,624],"tags":[36,1121],"coauthors":[2392,2393],"class_list":["post-10005","post","type-post","status-publish","format-standard","","category-business","category-news","category-politics","tag-cbn","tag-godwin-emegiele"],"yoast_head":"\nCBN to unveil N30bn agric\/SME fund in January - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-to-unveil-n30bn-agricsme-fund-in-january-r-the-eighth-bankers-committee-annual-retreat-in-lagos-he-said-the-agriculturesme-fund-would-be-unveiled-on-january\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN to unveil N30bn agric\/SME fund in January - National Wire\" \/>\n<meta property=\"og:description\" content=\"CBN to unveil N30bn agric\/SME fund in January The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year. 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