In a bid to actualize the industrialization agenda of the present administration, the Secretary to Akwa Ibom State, Mr Udom Emmanuel has led the state Governor Chief Godswill Akpabio to secure the Central Bank of Nigeria CBN 2billion naira Micro, Small and Medium Enterprises Development fund (MSMEs) which was launched by the apex financial institution last year.
The great milestone was achieved last week during the signing of Memorandum of Understanding MoU between the Central Bank of Nigeria CBN and Akwa Ibom State Government in Abuja.
Speaking shortly after the signing of MoU ceremony with the CBN, the elated state Governor, Chief Godswill Akpabio expressed the readiness of the present administration to prudently use the funds to develop the Micro, Small and Medium Enterprises (MSMEs) sector in the state which he said will give a boost to the industrialization agenda of the state government.
The CBN Governor, Mr Godwin Emefiele disclosed that the actual disbursement of the fund is expected to be performed by President Goodluck Jonathan during the forthcoming Annual MSMEs conference schedule to hold in August. Mr Emefiele described the MSMEs sector as a very critical engine for economic growth with enormous potentials to create jobs and reduce poverty.
He decried that the MSMEs sector which had a financing gap of about 9.6 trillion has never been adequately financed in the country, adding that the CBN MSMEs fund was intended to improve access to finance for small enterprises at single digit interest rate in order to reduce poverty, and that CBN will not allow any bank to charge above nine percent interest rate on the fund.
Also speaking, the Secretary to State Government, Mr Udom Emmanuel described the partnership between the Akwa Ibom state government and the CBN as a dawn for the new beginning in the industrial transformation of the present administration that will create jobs for the teeming unemployed youths in the state.
He expressed the commitment of the present administration to continue working with the CBN and take advantage of development funds in the apex bank to bring tangible developments to AkwaIbom state.
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