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Monday, 10 October 2016

FG seals $1.3bn SMEs deal with World Bank, others

The Federal Government over the weekend reached an agreement with the World Bank Group and other development partners for the release of about $1.3billion for the funding of Small and Medium Enterprises (SMEs) with the planned takeoff of the Development Bank of Nigeria (DBN).

Nigeria’s Finance Minister, Mrs Kemi Adeosun, broke this news at a post event press briefing in Washington DC, USA, and stated that upon commencement, DBN would serve as a conduit for government intervention in SMEs and medium sized enterprises as part of efforts to achieve inclusive growth.

Nigerian SMEs account for over 50 per cent of the country’s GDP, but have often been starved of funds due to inappropriate allocation mechanism that involve commercial banks and other stakeholders that are not genuinely committed to their growth.

According to Adeosun, with this latest agreement with development partners, efforts are now being geared towards recruiting the key management staff of the bank to enable it commence full operation. The minister noted that there will be a release of $1.3 billion which would be used to support SMEs which are part of the engine that will spur the growth of the Nigerian economy. With this development, SME lending at low rates will now be facilitated through the DBN and we are ready to resolve the outstanding issues.

On the same note, Adeosun also noted that bilateral meetings have UK Department for International Development and other to stop illegal financial flows out of Nigeria. “We had a number of specific bilateral meetings with UK Department for International Development, the US treasury and other partners and pbased on the need to reverse the trend of illegal financial flows out of Nigeria,” said Adeosun. “We have agreed on a number of initiatives to achieve significant repatriation of monies illegally taken out of the country. These include monies that have been taken by way of illegal tax repatriation, tax avoidance as well as those illegally stolen by past government officials,”.

33 comments:

Eddy Ogbunambala said...

Good

edDREAMZ said...

a.k.a EDWIN CHINEDU AZUBUKO said...
.
Their business shah...
.
.
***CURRENTLY IN JUPITER***

Chizzy Liz said...

************************odiegwu !!!!!!

livingstone chibuike said...

Nawa o

Bonita Bislam said...

Good development

vinna saviour said...

Issorite

Anonymous said...

Good



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OSINANL said...

CLUELESS FG...

Eleojo Blessing said...

Nice one

dj banti said...

So what's next

Amazinfaith said...

That's a good one.

Joyous babe,Linda ikeji first cousin said...

Issokey

ike manuel said...

That's good.. I hope the funds are used appropriately

Na me talk am!

Long Live Lib!!!

JEMBETE(KEY-POINT) said...

EVERY DAY, SME, SME, D MONI WE NO SI, D PIPLE WEY DEM DE GIV, WE NO SI

ONYX linda ikeji first son GODWIN said...

Hopefully it boosts our economy, and the agreement for the deal is fair to us.

Nseabasi Ekpo said...

seen n noted

Olushola Kuteyi said...

Hope this will be real

Olushola Kuteyi said...

Hope this will be real

Olushola Kuteyi said...

Hope this will be real.....

Juliet Iwuno said...

Great news! Linda take note!

amakandidi said...

Story story all the time, you have become t
Story teller.

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helyn ewas said...

nice move

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BONARIO NNAGS said...

To God be the glory.



. ~BONARIO~says so via NOKIA LUMIA

Uju Phil said...

That's great if it's actualize...!

Olotu Fidelis said...

So Nigeria is like a weak dad who can't handle his family and needs assistant of another man to help handle his family!?! But this can't help a thing as those US and UK Agencies want more influx of illegal money yo their countries to further boost their economy. All these are paper craps that hardly yield any result. We must start to discipline our self. our system of government must be change for effective development and sustenance! Our constitution encourages corruption and Must be modified and edited if not all can be said and sign but nothing will be achieved!

Vivian Reginalds said...

GOOD
-D great anonymous now as Vivian Reginalds

Dr. benison prestige said...

For how long are we going to keep borrowing?

Anonymous said...

Good initiative. However, the number 1 priority that needs to be fixed IS THE POWER SOURCE. Look, without a sustainable energy system, no business can really thrive in Nigeria. It is a fact. You need stable electricity to have a sustainable economy. Fix the power issue and most businesses would thrive.

Itohan Ukpebor said...

So the FG cannot help SME's without the help of the World Bank group and others? And, they had to do a post event press briefing at Washington DC, what happened to Aso Rock?

Haliburton scandal said...

Let's just wait for few days to know if world bank will not deny the report, curse some of what Buhari tell Nigerians on indpendence day as per his agreements and progress he have made in power sector have been deny by the said company/ country.

Jobsmayor said...

I pray the use the money well

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