CBN to launch MSME fund on Aug 15

Central Bank of Nigeria (CBN) has indicated  plans to launch a  Micro, Small and Medium Enterprise (MSMEs) Fund on August  15, 2013.
The launch  will  strengthen  the link between entrepreneurship and access to financial services. Speaking to newsmen in Abuja,  Governor of CBN, Sanusi Lamido Sanusi said the apex bank  has also established six Entrepreneurial Development Centres (EDC) across the country to encourage and build the capacities of business minded youths.
“Through the EDCs we equip them with requisite entrepreneurial skills to develop their concepts into businesses and effectively manage such businesses. Our financial inclusion strategy also provided for youth empowerment and access to financial services” he said.
Similarly, the  bank also  announced plans to introduce financial literacy at all levels in Nigerian schools’ curriculum to resolve the unmet needs in the society.
Sanusi who was  represented by the  Director, Development Finance Department of CBN, Mr Paul Eluhaiwe,  at the 2013 Students for Advancement of Global Entrepreneurship (SAGE) World Cup Awards and Dinners, stressed  the need for investment in youths entrepreneurial capacity in Nigeria.
“Investment in youths entrepreneurial capacity as future leaders of national economies was not only desirable but must be pursued with vigour”he said.
According to Sanusi,  CBN would make Students for Advancement of Global Entrepreneurship (SAGE) Team one of its financial literary champions in its campaign, saying that  the apex bank was committed to collaborating and supporting initiatives such as SAGE’s which develops next generation of entrepreneurial leaders in order to resolve the unmet needs of the global community.
“We understand the critical nature and needs of this important segment of our community and have developed targeted policies to enhance their access to finance while also evolving programmes aimed at strengthening their capacities to develop their enterprising ideas into virile and flourishing business”he said.
In his remarks,  the Director General of SMEDAN , Alhaji  Bature Masari, said the best way to reduce poverty and social vices in the society was to promote SMEs development.
He said government was working round the clock to give youth empowerment a pride of place in the scheme of things.
“Right now there is a new thinking in government to ensure that entrepreneurship development is given the needed support. That is why SMEDAN, which is the agency saddled with the responsibility of leading the fight for the development of SMEs in the country, is properly being repositioned, funded and empowered.
This is to ensure that we continue to provide leadership and direction for SMEs and entrepreneurship development all over the country.’’he said.
The SAGE World Cup is an international entrepreneurship competition where secondary school  students  around the world showcase their innovative business and community service projects to a panel of judges.