Vice President Yemi Osinbajo on Tuesday inaugurated a 22-member council for Nigeria’s Micro, Small and Medium Enterprises (MSME)s.
The ceremony held at the State House, Abuja.
The list of the council members are as follows.
Honourable Minister of Industry Trade and Investment.
Honourable Minister of State Industry, Trade and Investment
Honourable Minister of Finance
Honourable Minister of Mines and Steel Development
Honourable Minister of Youth Development
Honourable Minister of Communications
Honourable Minister of Budget and National Planning
Honourable Minister of Water Resources
Honourable Minister of Power, Works and Housing
Honourable Minister of Science and Tech.
Honourable Minister of Agriculture
Honourable Minister of Women Affairs
Honourable Minister of Information
Honourable Minister of State Ministry of Budget and National Planning
CBN Governor
The Chairman, Nigerian Governors Forum
Economic Adviser to the President
SA on MSMEs to the Vice President
President MAN
President NASME
Director General SMEDAN
The Vice President is the chairman of the Council.
Recall that the CBN launched the MSME Development Fund on August 15, 2013 with a share capital of N220 billion.
The Fund was established in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy and the existing huge financing gap.
Ten percent of the Fund has been devoted to developmental objectives such a grants, capacity building and administrative costs while ninety (90) percent commercial component will be released to Participating Financial Institutions(PFIs) at 2% for on-lending to MSMEs at a maximum interest rate of 9% per annum.
Eligible activities to be financed include agricultural value chain, services, cottage industries, artisans, trade and commerce and any income generating business as may be prescribed by the CBN from time to time.
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