FOLLOWING the
challenges of access to funds for the Micro, Small & Medium Enterprises
(MSMEs) in Nigeria, The Central Bank of Nigeria (CBN) has targeted October 2014
to test-run the registry of movable collaterals.
The Director,
Development Finance Department, CBN, Paul Nduka Eluhaiwe, disclosed this at the
general meeting of the Nigerian Association of Small and Medium Enterprises
(NASME) while presenting a paper tagged “Access to Low Interest Funds for MSMEs
Development- CBN Intervention Schemes and Programmes.”
He said access to
cheap and long-term finance poses a major challenge to SME development in
Nigeria and that Nigeria experiences a huge SME financing gap with successive
decline since the 1990s show consistent decline, adding that the CBN has
targeted October 2014 to test-run the registry of movable collaterals in the
country.
On CBN’s FSS 2020
mandate of developing market infrastructure and access to finance by MSME
sector, he explained that the objective is to attempt to solve the problem of
access to finance by MSME sector due largely to lack of collateral security.
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