Wednesday, 18 February 2015

N220bn intervention fund for the Micro, Small and Medium Enterprises sector

The National Council on Small and Medium Enterprises has earmarked N4.5 billion for entrepreneurs with disabilities.

This was part of the resolutions of a meeting of the council chaired by Vice President Mohammed Namadi Sambo, at the State House in Abuja yesterday.

The fund represents two percent of the N220bn micro, small and medium enterprises facility launched last year by President Goodluck Jonathan. Briefing State House journalists after the meeting, the president of persons with disabilities, Adeboye Abioye, said the council considered persons with disabilities a critical factor in the scheme of things.

Earlier, Trade and Investment Minister Olusegun Aganga said the council had reduced collateral requirements for SMEs from 75 to 50 percent inclusive of nine percent interest rate.

Aganga added that the focus of the meeting was more on micro businesses at the grassroots level.

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