Aganga approves N1bn fresh NERFUND projects
By Emma Ujah, Abuja Bureau Chief
The Minister of Finance, Dr. Olusegun Aganga has taken steps towards boosting the manufacturing sector of the economy by approving the second set of industrial projects worth N998.2 million to be funded under the National Economic Reconstruction Fund, NERFUND, scheme.
A total of 415 Micro Enterprises in various parts of the nation were captured in the new approval.
The current number brings to 623 projects, valued at N1.255 billion aproved by the federal government since the resumption of operations of NERFUND in 2009
A breakdown of the current approval indicated 263 Direct Applications by individual Medium, Micro and Small Enterprises which got N651million.
44 projects valued at N71,800,000, were approved for the National Board for Tech. Incubation, NBTI; while Ex-Trainees of the Africa Diaspora Partnership for Empowerment & Development Project, which returned from capacity building programme in Miami, Florida, USA were approved 15 projects valued at N38,900,000.
The Eastern Plastics & Allied Products Manufacturers, a conglomeration of micro entrepreneurs from the South Eastern zone got approval for 17 projects valued at N52million.
16 projects valued at N48million were approved for the Association of Leather & Allied Industrialists of Nig., Aba Branch, Aba. Similarly, the South Tailors & Fashion Designers, in Aba were approved 10 projects valued at N20million.
Another category of beneficiaries is the Multipurpose Cooperative Societies, drawn from across the country and which received approval for 25 projects valued at N57.5million.
Two groups located in Kano; the Leather, Hide & Skin Assoc, got 9 projects valued at N27million, the Skin Dyers Coop Society, Kano Branch, received sanction for 16 projects valued at N32million.
Under the NERFUND scheme, eligible Nigerian MSMEs can apply directly, either as individuals or co_operatives or through any of the Partner Institutions with which the Fund had signed an MOU.
Such institutions are NDE, SMEDAN, National Board for Technology Incubation (NBTI), Entrepreneurship Development Centres (EDCs) in Kano, Lagos and Onitsha and the Abuja Enterprise Agency (AEA).
The current approval is capable of creating over 2, 545 direct employment and 15, 270 indirect jobs.
Explaining the approval procedure, in Abuja at the weekend, NERFUND Managing Director and Chief Executive, Malam Baba Maina Gimba said loan applications, after appraisal are subjected to consideration by the Interim Management Committee (IMC) following which they are presented to the Honourable Minister of Finance for final approval.
The NERFUND MD urged other eligible Nigerians to take advantage of the Fund’s facility as it offered an attractive single digit interest rate, most suitable for industrial financing.
