CBN, Kano Seal Deal on SME Development

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The Central Bank of Nigeria (CBN) and Kano State government yesterday signed a memorandum of understanding (MoU) on micro, small and medium enterprises’ development funds.
The CBN Governor, Mallam Sanusi Lamido Sanusi, assured Nigerians that the central bank was dedicated to small businesses.
Speaking in Kano during signing of the MoU, Sanusi commended Kano state for being the 4th state in the country to sign such agreement.
According to him, the central bank would not relent in supporting states that had plans for empowering their poor population, especially rural dwellers and women.
“Poverty is not just addressed by lending money to people. There must be a good and effective plan on ground on how people should use their talent in improving the economy,” he disclosed.
Adding that, 60 per cent of the fund was dedicated to small businesses, the central bank governor revealed that he had approved a budget for the training of the managers of microfinance banks in the state.
Disclosing that he was liaising with some experts from India that would train managers.
“If everything goes well, the credit will go to you as managers of these banks”, he encouraged.
In his speech, Kano State Governor, Alhaji Rabiu Musa Kwankwaso commended the CBN for helping the state to fight poverty.
He stressed that the concern shown by the central bank was encouraging.
“We are sure that CBN is always ready to show us more ways forward. With such fund we assure you that efforts will be strengthened to further develop small businesses,” Kwankwaso added.
“We are assuring the central bank  that the state government will do everything possible to ensure the success of the project,” he stated.
He warned all managers of the state microfinance banks to be on their toes to make sure that they manage the funds very well.
He vowed that his administration would use all available avenues to make sure that poverty was fought to a standstill.
“Similar memorandum of understanding was recently signed between the state and Banks of Industry and Agriculture. To tell you that we are up and doing in fighting poverty in the state,” Kwankwaso stated.
Kano State and the Bank of Agriculture had agreed to sign a N2 billion MoU for the development of agriculture, through supporting farmers’ cooperative societies in the state. Under the agreement, each of the two parties involved would make available a counterpart fund of N1 billion.
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