Central Bank to partner with Abia Govt. to boost MSMEs growth

The Central Bank of Nigeria (CBN)  has said in Umuahia that it would partner Abia Government to boost the growth of Micro, Small and Medium Enterprises (MSMEs) in Abia.

Mr Osha Elijah, a CBN representative, said this at the opening ceremony of a retreat organised by Abia State Technical Board for MSMEs Development Scheme for upcoming entrepreneurs.

CBN is ready to synergise with Abia Government in providing avenues for upcoming entrepreneurs to easily access funds to either set up or expand their various enterprises.”

“CBN has shifted a little from the traditional method of promoting economic development by coming up with strategic means.”

“This is through promoting inclusive growth and sustainable development of sectors in the economy, different industries and firms, then narrowing down to micro, small and medium entrepreneurs.”

“CBN is focused on enhancing capacity utilisation, increasing output of goods and services, boosting job creation and increasing foreign exchange earnings.’’

Elijah urged the participants to take advantage of the state government’s MSMEs programmes, describing them (MSMEs) as the engine of growth in any economy.

In his speech, Gov. Okezie Ikpeazu of Abia said that the only way to succeed in the current economic situation was through maximising the trade and commerce sector.

Ikpeazu urged the people of Abia to continually patronise locally produced goods, to boost the confidence of local manufacturers and improve internally generated revenue.

He thanked the CBN for its efforts and support toward assisting the state government to achieve its MSMEs goals.

In his address, the Chairman of the Board, Chief Theo Nkire, noted that MSMEs is an important segment on which the world economy depend.

Nkire commended the state government for its zeal toward the growth of MSMEs and expressed the hope that Abia government would create a ministry to handle their issues.

In an interview , Mr Uzoma Ogbonna, a participant and poultry farmer, said that he was optimistic that the Abia Government would empower him with funds to expand his farm.

“I know what I achieved last year with the little I have but I need more birds in my farm and feeds for the birds,’’ Ogbonna added.

Another participant, Mr Ihekam Obilor, said that he needed the training and funds to boost the production capacity of his cassava and ginger processing enterprises.