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CBN MPC Notes Increase Supply of Micro-Credit to MSMEs In Nigeria

Enterpreneurship	1392 VIEWS
Enterpreneurship
1392 VIEWS

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Saturday, September 21, 2019 / 1.00PM / Nifemi Taiyese for Proshare WebTV / Header Image Credit: Footprint to Africa

In our review of key developments that occurred in the MSME space for the week September 16th to September 20th, 2019, the Monetary Policy Committee(MPC) of the Central Bank of Nigeria (CBN) at the end of its meeting acknowledged the increase in the supply of Micro-Credit to MSMEs in the country.

The MPC mentioned efforts through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank to extend the reach of its credit facilities across the country.

The promotion of MSMEs according to the MPC are steps that will increase economic activities in Nigeria. Other developments that occurred in the week include;

Union Bank Empowers 40 Female Entrepreneurs

Union Bank of Nigeria in a bid to support women and ensure gender balance rolled out an alpherinitiative in partnership with Leading Ladies Africa, a woman-focused non-profit organization that chose forty women from 1,700 entries received from Nigeria alone to take part in the Enterprise and Leadership program.

Union Bank recognized the essence of entrepreneurship in developing the Nigerian economy and crafted a two -month scheme to enable the UBN-woman to achieve career growth through the WeHub network that provides a platform for collaboration to scale up their businesses.

The Leading Ladies Africa focus was designed to promote inclusiveness and diversity in business, and also to comply with the United Nation's 5^th sustainable development goal of empowering women and promoting gender equality.

ISN Hubs Hosts Tech Gathering in Lagos

Innovation Support Network Hubs announced that it would host ISN2019 in partnership with Ford foundation. The event is to take place at civic centre on October 23 and 24, 2019 with the theme Building Sustainable Hubs to Support Nigerian Entrepreneurs

The youth can infuse their talent to start up businesses that will facilitate Nigeria's economic and social growth.

The essence of the innovation hub is to support entrepreneurs build and sustain prosperous businesses that will provide innovative solutions, create wealth and jobs, in the rapidly growing Nigerian entrepreneurial ecosystem.