Dr Aniefiok Umoren, Zonal Coordinator, South-South and South-East, Development Finance Activities, Central Bank of Nigeria (CBN), has said thatbSmall and Medium Scale Enterprises (SMEs) have the potential to reduce unemployment in the country.
Umoren who disclosed this in a meeting organised in collaboration with the Cross River Government and the Chamber of Commerce in Calabar on Thursday.
He also said that the activities of SMEs could also enhance economic growth.
He explained that the meeting became necessary for entrepreneurs to know the importance CBN placed on presenting them advantageously to ensure they contributed significantly to the nation’s economy.
“We are aware that the micro entrepreneurs in the state have the greatest role of creating employment and adding value to the economy of the state.So, CBN is taking the bull by the horn by packaging entrepreneurs so that they can add something robust to the Nigerian economy.
“Everything follows due process because we want to ensure that the right people are getting these funds by preparing their business plan that we will be carefully scrutinise.We have to know who you are, the type of business you do, how profitable it is and whether you will be able to pay back the loan as we encourage people who get these loans to pay back so others can benefit,” he said.
The coordinator noted that due to the COVID-19 pandemic currently ravaging the world, the interest rate for loans was five per cent under the apex body’s intervention.
In her remarks, Prof. Christine Ikpeme, member, Centre for Entrepreneurial Development, University of Calabar (UNICal), said the centre participated in the meeting to tap into the various CBN’s initiatives.
Ikpeme said that the goal of the centre was to know the procedures to follow to enable students get grants from the apex bank after training them in different entrepreneurial skills.
668200cookie-checkSMEs Can Fix Unemployment In Nigeria,Says CBN
