Central Bank of Nigeria (CBN) has increased the N50 billion Target Credit Facility (TCF) to N100 billion with interest rates slashed to 5 per cent from 9%, to keep MSMEs afloat in business.

Director, Development Finance, CBN, Mr Yusuf Yila, speaking at the virtual launch of the first Pan-African MSME Academy said MSMEs are an important sector, hence CBN and the bankers committee put in place combined stimulus packages directed at them.

Yila, said the apex bank had emplaced several funding support initiatives to enable Micro, Small and Medium Enterprises (MSMEs) survive Covid-19 pandemic and beyond.

He encouraged MSMEs to take advantage of the CBN’s various funding windows to meet the demands of their businesses as the government is striving to revamp the economy as soon as possible through their efforts.

Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, pledged the bank’s support for small businesses operating in the country, stressing that the micro, small and medium enterprises (MSMEs) sub sector remains the most affected by Covid-19 pandemic and needs support in the revamping of the nation’s economy.

Daily Trust