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MSMEs Should Take Advantage Of N50bn CBN Loan Facility – Radda



The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called upon Micro, Small and Medium Enterprises (MSMEs) in the country to take advantage of the Central Bank of Nigeria (CBN) N50 billion Targeted Credit Facility for MSMEs affected by the COVID-19 pandemic.

Director-general, SMEDAN, Dr Dikko Umaru Radda, gave this charge yesterday in Abuja, during a briefing to mark the upcoming  World MSME Day 2020 in Abuja with the theme: “COVID-19: The Great Lockdown And Its Impact  On Small Businesses.”

He explained that assessing the loan would enable MSMEs resume productive activities as the economy begins a phased reopening after the lockdown.

While also urging the CBN to increase the loan facility to enable more MSMEs benefit, Radda explained that this year’s World MSME Day scheduled for June 30, 2020, would also bring to limelight, the challenges and prospects of MSMEs.

According to him, the agency is marking the event in collaboration with the federal Ministry of Industry, Trade and Investment, UNIDO and a technical partner, Leapworld Consulting Firm and in line with the United Nations declaration that it must be marked to reflect the global COVID-19 pandemic.

In the light of this, he said the agency would engage in awareness campaigns in both print and broadcast media, and online discussion via Webinar with vice president Yemi Osinbajo, and the minister of State, Industry, Trade and Investment, Amb Maryam Katagum participating.

Radda, who said he would feature in some television and radio programmes, added that there would be a virtual documentary on the World MSME Day.

He said participants expected include the regional director, UNIDO, NASME, NASSI, Development Bank of Nigeria (DBN), the Bank of Industry (BoI), Industrial Training Fund (ITF), NIRSAL and NITDA among others.