CBN Gov. Stresses Need To Strengthen MSME

In order to forestall the inevitable adverse socio-economic consequences of financial exclusion in the Nigerian economy, the Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has canvassed the need for the strengthening of the nation’s Micro, Small and Medium Enterprises (MSME).
Emefiele who stated this during the opening ceremony of the two day 8th MSME Finance Conference holding at Sheraton Hotels, said that the counsel became imperative given the economic and financial viabilities of MSME to any given economy.
According to him, MSMEs, particularly the micro entrepreneurs account for more than 90 per cent of the MSMEs in Nigeria.
Besides, the CBN Governor attributed the sustained remarkable economic growth and development in the recent years in the country to the resilience of Nigerians, innovations of the nation enterprises as well as programmes of governments at all levels.
In the last seven years according to the CBN Boss, the nation’s economy expanded by an average of Seven per cent, adding that sub-sahara Africa’s real Gross Domestic Product (GDP) averaged 5.2 per cent.
He said that in the first quarter of 2014, Nigeria’s real GDP grew by 6.2 per cent which he noted was driven mainly by an 8.2 per cent growth in the non-oil sector.
“Sustaining this development strides with a balanced and inclusive economic growth will depend largely on the provision of affordable and efficient financial services to the MSMEs, particularly the micro entrepreneurs who account for more than 90 per cent of the MSMEs in Nigeria”.
While saying that that was part of the reasons why the CBN launched the N220 Billion MSME Development Fund, Emefiele disclosed that the fund would provide financial resources to the entrepreneurs across the country through participating Financial Institutions (PFIs).
“I am therefore very pleased that Mr. President has agreed to flag-off the disbursement of these funds tomorrow (Today) Emefiele said.