The Federal Government has slashed the collateral requirement introduced by the Central Bank of Nigeria for banks to access the N220bn intervention fund for the Micro, Small and Medium Enterprises sector from 75 per cent to 50 per cent. The decision was taken at the second meeting of the National Council on MSMEs presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja on Tuesday. Before the downward review, part of the conditions for banks to access the N220bn fund was the need for them to collaterise whatever amount they were applying for from the CBN to the tune of 75 per cent. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, announced the decision at a press briefing held at the end of the meeting. He said the decision was taken based on the recommendations of a sub-committee chaired by the Minister of National Planning, Dr. Suleiman Abubakar, and contribution made by the Governor, Central Bank of Nigeria, Mr. G...
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