MSMEs got under 7% of N10tr CBN intervention in 10 years

The Central Bank of Nigeria, over a period of 10 years, allocated 6.63% of the total N10.39 trillion loan disbursed to various sectors as intervention programmes to support Micro, Small, and Medium Enterprises (MSMEs).

A detailed report from the apex bank revealed that a total of N689 billion was allocated to the sector between August 2013 and September 2023.

According to the report, the MSME sector ranks third in terms of the least allocation within the intervention programs, trailing behind the export sector with a meagre 2% allocation and the health sector, which barely constitutes 1% of the total intervention programs.

The intervention programmes include the Micro, Small and Medium Enterprises Development Fund (MSMEDF), Agri-business/SME Investment Scheme (AgSMEIS), Nigeria Youth Investment Fund (NYIF) and Tertiary Institutions Entrepreneurship Scheme (TIES), among others.

The report further indicated that the majority of credit facilities allocated to the sector have either been fully paid or are currently in ongoing payment status for the projects, suggesting positive performance indicators within the sector.

Data from the Central Bank of Nigeria (CBN) indicates that a minimum of eight loan programmes were specifically aimed at key players in the MSME sector.