FCT Women Commend FG on the Approval Of MSMEDF

Women in the Federal Capital Territory (FCT) have commended the Federal Government over the approval of the Micro, Small and Medium Enterprises Development Fund (MSMEDF) which has the capacity to boost the lives of people at the grassroots.

A coalition of 160 multi-purpose women cooperative societies under the aegis of Global Women Association in Abuja, who gave this commendation added that access to the fund was not tied to any physical collateral, but solely on trust of the people thereby making access a reality.

National Coordinator of the women group, Mrs. Chinnonso Nwachukwu who spoke on behalf of the women during the formal launching of the group at Kabusa ward of the FCT said the move by the federal government was a bold and realistic way to combat poverty at the grassroots, even as they said the action has engendered more trust between Nigerian lowly women in the FCT and the federal government.

Nwachukwu stated that with the N220 billion Central Bank of Nigeria loan for small and medium businesses by the federal government, such businesses will survive and expressed gratitude to the federal government for not politicising the process.

“No nation thrives without small scale business. All successful nations in the world start from somewhere. That is why we are commending President Goodluck Jonathan for taking this positive initiative that will soon drive Nigeria economy. But, we must advice that he should not use politicians for this noble exercise because they may hijack the process for their own selfish goal,” she said.

Nwachukwu who addressed the community women at the Superstar International Academy, Federal Housing Lugbe told the women that while the loan is accessible through cooperatives, it is not a free cash but a loan that would be revolved.

She insisted that the bank to which the women will be registering their respective cooperative accounts will be bound to the Central Bank Guide which tasks them to only disbursed cash to competent small scale business operators that have the capacity to pay back in a maximum of 5 years with an interest rate of 9 per cent.

“We have over 160 registered cooperatives in the territory with different skills, but the problem the women are facing is that of funds and packaging of the products. As soon as the CBN loan is disbursed, I can assure you that the women will take their businesses to the next level,” she affirmed.

She used the occasion to reveal that plans have been concluded to stage Cooperative Fair in Abuja aimed at showcasing the various products of small scale businessmen and women, noting that the proposed fair will open doors for foreign investors in Nigeria.

Source: Leadership

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