CBN Micro, Small and Medium Enterprises Development Fund (MSMEDF) 2022
It should interest you to know that the Central Bank of Nigeria launched the MSME Development Fund with a share capital of N220 billion. The Fund was established in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy and the existing huge financing gap.
Contents
N5,435,000 (5.4 Million) Grant for Entrepreneurs – Apply now Before the Deadline -Get Grant Now!
₦1.7m Grants Fund Disbursement
₦410,000 Business Grant From Shell Nigeria to 117 Young Entrepreneurs
Entrepreneurs To Get N8m Grant to Boost Businesses – Apply Now!
₦30,000 Covid-19 Support to over 11,500 Nigerians Begins
₦300,000 FarmerMoni Loan is Out Again – GEEP 2.0 Loan Application Form
₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application
YAEDP N800,000 Grant for Nigerian Youth – Apply Now
₦1.5 million Gov Loan to be Disbursed to Beneficiaries
₦250,000 FG Loan by NDE has Commence
MSME Fund: FG has supported 9,085 beneficiaries
₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application
₦700,0000 Start-up Loans for Youths Begins
Apply Now For iDixcover Africa Ambassadors Programme 2022 for Young Africans
South Africa FNB Graduate Trainee Programme 2022
N20,000 Fund Payment by Federal Government Update
NDE Nirsal /AGSMEIS Loan 2022 for Nigerians – Apply Now
SheVentures First City Monument Bank Tech Pitch 2022 for women in tech (Two million Naira Cash Prize)
FG issues interest-free loans to 98,000 Nigerians
CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan
CBN offers ₦370,000 Loan to 10,000 Farmers
NFWP Set To Commence $15 Million Grant Disbursement In Niger
Mercy Corps, LAPO Microfinance Bank sign 200m Empowerment Scheme For North Eastern Nigeria
FG Begins SMEDAN ₦1.5m Loan – Apply
NYIF ₦500k Loan Shortlisted Candidates is out | Check
CBN Covid-19 Loan 2022 | Application
World Bank Set To Empower Women In Six States With $100m
CBN increases SME Loan Intervention fund to N300 billion, disburses N149.21 billion
Ten (10) percent of the Fund has been devoted to developmental objectives such a grants, capacity building and administrative costs while ninety (90) percent commercial component will be released to Participating Financial Institutions(PFIs) at 2% for on-lending to MSMEs at a maximum interest rate of 9% per annum.
Eligible activities to be financed include agricultural value chain, services, cottage industries, artisans, trade and commerce, and any income-generating business as may be prescribed by the CBN from time to time.
Dangote Group Job Vacancies [11 Positions]
What Are The Objectives of the MSMEDF
The broad objective of the Fund is to channel low interest funds to the MSME sub-sector of the Nigerian economy through PFIs to:
- Enhance access by MSMEs to financial services;
- Increase productivity and output of microenterprises;
- Increase employment and create wealth; and
- Engender inclusive growth
Benefits of the MSMEDF to Some Stakeholders
- PFIs
The Developmental Components will be utilized for capacity building of staff of PFIs, research and provision of other financial services infrastructure - MSMEs
Long term single digit loans at 9% p.a. This has resulted in reduced cost of borrowing which will impact positively on the earnings of the MSMEs - Microfinance Sub-sector
The Fund will provide liquidity for the sub-sector and result in general improvement of the financial system stability - General Public
Job creation
Eligible Activities under the MSMEDF
In line with the provisions of the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, enterprises to be funded under the Scheme include:
- Micro Enterprises
- Small and Medium Enterprises (SMEs)
The following are eligible activities under the Fund:
Microenterprises
- Agricultural value chain activities
- Cottage Industries
- Artisans
- Services
- Renewable energy/energy efficient product and technologies
- Trade and general commerce
- Other economic activity as may be prescribed by the CBN.
The broad objective of the Fund is to channel low interest funds to the MSME sub-sector of the Nigerian economy through PFIs to:
- Enhance access by MSMEs to financial services;
- Increase productivity and output of microenterprises;
- Increase employment and create wealth; and
- Engender inclusive growth
Benefits of the MSMEDF to Some Stakeholders
- PFIs
The Developmental Components will be utilized for capacity building of staff of PFIs, research and provision of other financial services infrastructure - MSMEs
Long term single digit loans at 9% p.a. This has resulted in reduced cost of borrowing which will impact positively on the earnings of the MSMEs - Microfinance Sub-sector
The Fund will provide liquidity for the sub-sector and result in general improvement of the financial system stability - General Public
Job creation
Eligible Activities under the MSMEDF
In line with the provisions of the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, enterprises to be funded under the Scheme include:
- Micro Enterprises
- Small and Medium Enterprises (SMEs)
The following are eligible activities under the Fund:
Microenterprises
- Agricultural value chain activities
- Cottage Industries
- Artisans
- Services
- Renewable energy/energy efficient product and technologies
- Trade and general commerce
- Other economic activity as may be prescribed by the CBN
Note: Only 10% of the Commercial component of the Fund shall be channeled to trade and commerce.