Banks Release N24bn for SME Projects
Central
Bank of Nigeria (CBN) has committed N24.8 billion to 327
projects under the Small and Medium Scale Enterprises Equity
Invest-ment Scheme (SMEEIS).
The bank said in a statement in Lagos, that the amount
disbursed was from the N42 billion pooled by all the 24 banks as
at April 25, 2008.
Reports say that the SMEEIS was established by the Bankers'
Committee in 2002 to direct the flow of banks' funds to small
and medium-scale enterprises.
Under the scheme, all banks in the country are to
set aside 5 per cent of their pre-tax profit for equity
investment in SMEs. The sectoral distribution of investments by
banks shows that N11.9 billion, representing 48.1 per cent of
the disbursed funds were invested in 126 projects in
service-related sector.
The amount disbursed under that sector shows that the Tourism
and Leisure sub-sector got N5.1 billion while 74 projects in the
Service sub-sector received N4.7 billion. Information Technology
and Telecommunications got N1.8 billion for 23 projects while
the education establishments got N397.9 million for six
projects.
The remaining N12.9 billion was invested on 201 projects in the
real sector/enterprises under which the manufacturing sector got
N7.7 billion, invested in 140 projects while agro- allied sector
received N2.3 billion for 45 projects.
Others include the Construction sector which got N2.8 billion
for 13 projects while the Solid Minerals sub-sector received
N59.4 million for three projects.
NP/MICHAEL
