The Central Bank of Nigeria has urged MSMEs, especially in the rural areas, to partner with the Cooperative Financing Agency of Nigeria (CFAN) to benefit from some of its financial interventions.
A staff of the Financial Inclusion Secretariat of the CBN, Mr George Ogudu, stated this yesterday in Abuja at a pre-seminar held towards the United Nations Cooperatives Day which will hold on July 7.
“The CBN has a lot of interventions to help the poor come up to the level were they can live better and one way they can key into this intervention is through CFAN which we know as the registered body of cooperatives.
“We have our Micro and Small, Medium Enterprises (MSMEs) fund of N220 billion, 60% of which is earmarked for women,” Ogudu said.
The Executive Secretary of CFAN, Mr Emmanuel Atama, spoke on the essence of the United Nations Day of Cooperatives, saying: “Saturday the 7th of July has been set aside by the United Nations through our global body, the International Cooperative Society, as the day of Cooperatives.
“On that day, we will talk to our members on how we have spent the last one year which dwelt on financial inclusion, and how we are going to spend the new year where we will dwell on ‘Sustainable Consumption and Production of Goods and Services’ which is the theme for this year.”
Atama said the pre-cooperative day seminar was a forum to meet with partners, like the Central Bank of Nigeria and others in the value chain like the Sweet Mama Farms Ltd and Abagyi Housing Ltd to rub minds with the apex bank on the direction of financing the value chain.