Rivers draws N2-bln from CBN’s MSMED fund to empower active Poor

Rivers State has drawn its own N2 billion from the Central Bank of Nigeria (CBN)’s N220 billion micro, small and medium enterprises development fund (MSMEDF) to empower thousands of its active poor.

Each of the 36 states of the federation is allocated N2 billion from the fund, totalling N72 billion, after such state had fulfilled certain mandatory conditions to qualify for release of the MSMED fund.

At a ceremony in Port Harcourt, the state capital on Saturday, Governor Nyesom Wike assured the less-privileged in the state that his administration would take concrete steps to empower them through micro-credit schemes that would grow small and medium scale businesses across the state.

Flagging off the N2 billion Rivers State MSMSED fund in Port Harcourt, Governor Wike said the programme which was being funded through the CBN facility, would assist small businesses to have access to capital, so that they can develop faster, and thereby help to grow the state’s economy.

The governor noted that the State Government would serve as collateral for the small business owners, so that they can play more positive roles in the economic recovery of the state.

According to him, his administration would ensure that the conditions for issuing out the loans by the Rivers Micro Finance Agency (RIMA) would be friendly enough for small and medium sized businesses to have access to funds.

He said: “The aim of this empowerment programme  is to  reach the mama-put operator, the onion seller, the barber, the table water manufacturer and owners of medium-sized businesses, for them to expand their businesses, employ more people and grow the state economy.”

Meanwhile, the state government has organised a seminar for beneficiaries from the 23 local government areas of the State, titled “Actualizing the New Vision on Food Security, Entrepreneurship development, poverty reduction and job creation in Rivers State”

The governor said with the present economic reality, it is no longer feasible to rely solely on the crude oil revenue; adding that his administration would ensure that the targeted businesses have access to funds without  stringent conditions.

He said this was the first batch of beneficiaries, as those not accommodated in the batch would be accommodated in the second batch.

Governor Wike added that the state government under him would also extend credit facilities to farmers in the state to enable them expand for the purpose of the state’s food security, and the empowerment of a greater percentage of the people.

He called for judicious administering of the N2 billion funds; pointing out that it would not be like the Amaechi administration which he alleged squandered a similar facility.

Chairman of  RIMA and former deputy speaker of House of Representatives, Austin Opara informed that the Wike administration had sourced the N2 billion for the purpose of empowering the less-privileged in the state; stating that the fund would be disbursed through three micro-finance banks.

He appealed to beneficiaries to repay their loans promptly, so that the revolving scheme would be sustained.

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