By Jedidah Silas Kiman
Gombe
Cooperative Societies in Nigeria (CSN) said it is working through the Nigeria Association of Federal Civil Servants Cooperatives and in conjunction with the Economic Financial Crimes Commission to establish Micro Finance Banks that would re-capitalise to support farmers to gain access to the N220 billion of the Central Bank of Nigeria.
The money is for the development of Micro, Small, and Medium Enterprises in the country.
This was contained in a press release signed by the managing director, Kajaura International Consult, Dr. Yakub Abdallah and made available to journalists yesterday in Gombe.
According to the release, such development was articulated according to the CBN guidelines of August 2013, which was revised in 2014.
It said, the N220 billion funds was meant for entrepreneurial development within the micro and medium groups especially of farmers, market women, and artisans aimed at creating job opportunities.
The release further stated that the initiative was born following the meeting of MSMEs stakeholders’ commonwealth comprising apex associations with the former minister of National Planning, and Development Finance Department of the CBN in January 2015, which saw the need for the entrepreneurial development within the private and non-formal sector.
Part of the release also disclosed that, the apex association, through the programme, would serve as special purpose vehicles for monitoring and evaluation and that lending will be only for members of cooperative societies, while only qualified MFBs would be allowed to participate.
It, however, explained that the Kajaura International Consult, a private organisation, was mandated to sensitise members of the society about the existence and purpose of the fund.
