Nigeria’s Bankers’ committee has announced its decision to set up a special equity funds scheme to support the effort of the federal government in diversifying the economy through export drive and import substitution.
To achieve this, the committee has decided that each bank will be contributing five percent of each bank’s profit after tax in a pool of funds that will be kept at the Central Bank of Nigeria, CBN, and will be used to finance eligible bankable projects that are meant for export drive or import substitution.
Director, Banking Supervision Department of the CBN, AhmedAbdullahi disclosed this yesterday after the committee’s meeting in Abuja.
Abdullahi said there will be a project review committee that will review submissions from entrepreneurs that require funding and the committee will make a recommendation to the Board of Trustees of the Bankers Committee for approval or not.
Asked how the funds would be raised, Abdullahi told journalists that based on the industry’s last three years profit and loss account they will be able to contribute about N25 billion annually.
To achieve this, the committee has decided that each bank will be contributing five percent of each bank’s profit after tax in a pool of funds that will be kept at the Central Bank of Nigeria, CBN, and will be used to finance eligible bankable projects that are meant for export drive or import substitution.
Director, Banking Supervision Department of the CBN, AhmedAbdullahi disclosed this yesterday after the committee’s meeting in Abuja.
Abdullahi said there will be a project review committee that will review submissions from entrepreneurs that require funding and the committee will make a recommendation to the Board of Trustees of the Bankers Committee for approval or not.
Asked how the funds would be raised, Abdullahi told journalists that based on the industry’s last three years profit and loss account they will be able to contribute about N25 billion annually.
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