FG considering Enterprise Bank for SMEs

The Federal Government is mulling the establishment of a banking institution that attends to various needs of entrepreneurs in Nigeria. The Vice President, Yemi Osinbajo said there is a need for a bank that is flexible to the needs of entrepreneurs in the country.

Osinbajo made this known while discussing with female entrepreneurs drawn from various sectors including education, environment, agriculture, real estate, hospitality, during the ‘Next Level Conversation’, yesterday, in Abuja. Osinbajo said the initiative will start with a bond.

“we have been able to deal to some extent with small and micro businesses; we have tradermoni, marketmoni, farmermoni; which are basically very small credit schemes.

“we are also looking at an enterprise bank or an entrepreneur bank which is one of the types of establishment we are looking at.

“we think there is a need for a bank that will be a bit more nimble about entrepreneurship; a bank that has a bit more flexibility.

“that is why we are talking about entrepreneur bank; of course, we will need a bill in the national assembly. in the meantime, we think we can start with a bond to put a lot around it without necessarily building another big bureaucracy,’’ he said.

Osinbajo added that measures will be taken to curb multiple taxations which are unfavourable to businesses. He also addressed the need to fund education adequately, stating effort is being made to fund the private sector through the Tertiary Education Trust Fund (TETFund), NAN reported.


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